Canada’s wholesale sales surged in October, mainly due to rising prices of live animals that saw prices of agricultural receipts soar to new highs.
Sales surged 0.1 percent to steady at C$54.2 billion ($46.5 billion), the Ottawa-based Statistics Canada reported today. Farm products rose 13.5 percent to total C$815 million as prices of live animals as measured in the raw materials price index accelerated 24.6 percent in the year through October.
Wholesale sales have increased 7.5 percent in the past 12 months. The growth follows comments by key officials such as Bank of Canada Governor Stephen Poloz that more effort is needed towards boosting business investment and exports in order to boost economic growth for the next two years.
Wholesale sales volume, which is adjusted for price swings, fell by 0.1 percent. The agricultural supplies sub-index of the miscellaneous component also grew 5.8 percent, resulting in a 0.9 percent gain in the total sales to C$6.88 billion.
Meanwhile, retail sales in Russia surprisingly surged the most in six months amid panic buying by citizenry wary of further rise in prices due to further declines in the ruble, which is recording its worst performance since 1998.
Sales rose 1.8 percent in the year through November, up from a growth of 1.6 percent the previous month, reported the Moscow-based Federal Statistics Service. Real disposable incomes also unexpectedly declined, dropping 4.7 percent, the steepest decline in eight months according to Bloomberg News.
Sales of computers and television sets grew 24 percent and 50 percent respectively in November from a month earlier, against the 0.3 percent monthly growth in retail sales. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
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