Data released by Statistics Canada moments ago showed a 1.3% increase in retail sales in November, reaching $70.4 billion. This followed a revised 0.3% decline in October, exceeding expectations and driven by gains in food and beverage sales.

Core retail sales, excluding gas stations and motor vehicle and parts sales, rose 1.7% in November after a 1.6% drop in October.

The sales increase in August was fueled by a 3% rise in food and beverage sales, while health and personal care sales increased by 1.6%, and sales of clothing, accessories, footwear, and jewelry rose by 2.4%.