Retail Services Price Index, third quarter 2017
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Released: 2018-02-15
The Retail Services Price Index (RSPI) increased 0.4% in the third quarter, following a 0.3% decline in the second quarter. The growth was primarily a result of higher margins at food and beverage stores.
Margins were up in 5 of the 10 subsectors, representing 61.1% of the retail sector surveyed.
Margins at food and beverage stores increased 2.5%, mainly as a result of higher selling prices for products at supermarkets and other grocery (except convenience) stores. According to the Consumer Price Index (CPI), on a quarterly basis, prices for food purchased from stores edged up 0.1% in the third quarter, compared to the second quarter.
Health and personal care stores (+1.0%) margins advanced for the third consecutive quarter. The growth was concentrated in pharmacies and drug stores, as a result of higher retail prices.
Retailers at clothing and clothing accessories stores (+0.5%), furniture and home furnishings stores (+0.6%) and sporting goods, hobby, book and music stores (+0.8%) also posted margin increases.
Moderating the growth of the RSPI, retailers at gasoline stations posted a margin decline of 2.7%, which was concentrated at other gasoline stations. Margins fell as a result of higher purchase prices for fuel products such as motor gasoline and diesel.
Year-over-year change
The RSPI increased 0.6% in the third quarter compared with the same quarter in 2016, with retailers in 5 of the 10 major retail subsectors posting gains.
Retailers at health and personal care stores (+4.1%) recorded the largest year-over-year margin gain, as a result of higher retail prices. According to the CPI, on a year-over-year basis, prices for health and personal care have been increasing since April 2014.
Building material and garden equipment and supplies dealers (+2.8%), miscellaneous store retailers (+3.3%), sporting goods, hobby, book and music stores (+3.4%) and clothing and clothing accessories stores (+0.6%) also reported sustained year-over-year margin gains.
Lower margins at gasoline stations (-2.4%) mainly moderated the year-over-year rise of the RSPI. Margins declined as vendor prices increased more than retail prices on a year-over-year basis.
Retailers at electronics and appliance stores (-4.1%), furniture and home furnishing stores (-2.8%) and general merchandise stores (-0.2%) also reported year-over-year margin declines.
Note to readers
The Retail Services Price Index (RSPI) represents the change in the price of the retail service. The price of the retail service is defined as the margin price, which is the difference between the average purchase price and the average selling price of the retail product being priced. The RSPI is not a retail selling price index.
With each release, data for the previous quarter may have been revised. The series are also subject to an annual revision with the release of second quarter data of the following reference year. The indexes are not seasonally adjusted. Data are available at the Canada level only.
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