Retail sales fell for the first time this year in July as consumers responded to higher borrowing costs. (Ben Nelms/CBC - image credit)Facing sky-high inflation, consumers put away their wallets more often in July, new data revealed Friday, as retail sales fell for the first time since 2021. Sales at gas stations fell by 14 per cent. The soft retail sales numbers suggest consumers are starting to put away their wallets in the face of sky-high prices and a gloomy outlook for the economy. "This retail sales report was unambiguously weak, suggesting that consumers tightened their purse strings in July," TD Bank economist Ksenia Bushmeneva said of the numbers.

Source: CBC News September 23, 2022 19:55 UTC