Statistics Canada says retail sales fell 1.4 per cent to $65.3 billion in March.
The Canadian Press
However, the agency said its early estimate for April pointed to a gain of 0.2 per cent for that month, though it cautioned the figure would be revised. "Although spending on services is likely to have held up better, a softening trend in retail sales volumes towards the end of Q1 is a sign that perhaps the Bank of Canada simply needs more patience, rather than more interest rate hikes, in its quest to bring inflation back down to target."
Governor Tiff Macklem has said the bank is prepared to raise rates further if signs showed inflation is likely to get stuck above its two per cent target.
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