Canada's retail sales grew 0.9% in March, surpassing expectations, to reach C$72.67 billion. The increase was primarily driven by gasoline stations and fuel vendors, as higher prices due to the Iran war boosted sales value.
Sales at gasoline stations surged 12.4% in March. This follows a 0.7% rise in February. Analysts had forecast a 0.6% increase.
Food and beverage sales rose 0.5%, led by supermarkets. Health and personal care stores and clothing retailers also contributed positively. Building material sales fell 2.9%.
Motor vehicle and parts dealers, which account for one-fourth of total sales, declined 0.5%, mainly due to a 4% drop in used car sales. In volume terms, retail sales fell 0.7%.
An advanced indicator suggests retail sales could rise 0.6% in April.
