Inflation holds at 3.0%
3.0%
August; 2.4% excluding gasoline
Rent rose 2.8%. Gasoline rose 22.8% year on year, down from 25.7% in July, which Statistics Canada ties to the Middle East conflict.
Across every category
Three forces shaping the quarter
Food cools and shoppers trade down
2.8%
Food prices, August, below overall inflation for the first time since July 2024
Dairy slowed to 0.7% from 3.1%. A grocer said its hard-discount banners saw frozen vegetable sales grow more than five points faster.
Source Advisor.ca (Statistics Canada), 14 Sep · BNN Bloomberg, 30 Jul
Housing starts drift lower
229,046
Annualised starts, August, from 229,360 in July
The six-month average fell 1.3%. Ontario declined most, while Quebec and Alberta gained.
Source CP24 (CMHC), 16 Sep
Beverages
Packaged beverages and alcohol grew in convenience, though total merchandise sales were flat.
A Canadian convenience group: packaged beverages and alcohol grew
Canada same-store merchandise revenue was flat, as tobacco regulation and competition offset beverage gains. Canadian fuel volumes rose 1.1%.
Source Retail Insider, 1 Sep
Food & grocery
Grocery inflation is cooling, and shoppers are trading down.
Canada food prices rise 2.8%, slower than overall inflation for the first time since July 2024
Dairy slowed to 0.7% from 3.1% in July. Overall inflation held at 3.0%.
A Canadian grocer: food retail same-store sales up 1.6%
Hard-discount banners saw frozen vegetable sales grow more than five points faster as shoppers sought savings. The company said it would resist supplier cost increases.
Source BNN Bloomberg, 30 Jul
Health & pharma
Pharmacy is growing faster than the rest of the store.
A Canadian grocer's drug retail same-store sales up 4.6%
Pharmacy and health-care services rose 7.5%, helped by sales of a generic version of Ozempic.
Source BNN Bloomberg, 30 Jul
Fuel & lubricants
Pump prices are far above last year, and fuel margins are lifting convenience earnings.
Gasoline up 22.8% year on year in August
Gas prices rose more slowly than July's 25.7%, which Statistics Canada ties to the Middle East conflict.
A Canadian convenience group: road fuel volumes up 1.1%
Canadian road fuel gross margin rose 2.58 cents a litre to 16.79 cents, a main contributor to its adjusted earnings growth.
Source Retail Insider, 1 Sep
Building materials
Housing starts are drifting lower.
Canadian housing starts at 229,046 annualised in August
The pace was down slightly from 229,360 in July, and the six-month average fell 1.3%. Ontario declined most, while Quebec and Alberta gained.
Source CP24 (CMHC), 16 Sep
