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Retailers in Canada See First Sales Drop in Seven Months

Some of the estimated decline “can be chalked up to lower gasoline prices, but the majority looks to be due to consumer fatigue,” Royce Mendes, head of macro strategy at Desjardins Securities Inc., said in a report to investors. “Canadians have been feeling the pinch from both high inflation and rising interest rates. So it should come as little surprise that retailers are beginning to see the pace of sales slow.”

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