22.01.201823:04:00UTC+00Canada Wholesale Trade Climbs in November

The value of Canadian wholesale trade increased for the second consecutive month in November on gains across sectors, which includes the food and vehicle industries, according to Statistics Canada data.

Wholesale transactions climbed 0.7 percent on a seasonally adjusted basis in November to 63.55 billion Canadian dollars ($51.01 billion), while volumes increased 0.5 percent. October's sales were revised slightly higher to 1.6 percent from the previously reported 1.5 percent.

On a 12-month basis, wholesale trade in Canada increased 10.8 percent on nominal terms.

Wholesale trade increased in six out of seven sectors in November, accounting for 99 percent of sales and led by a 1.9 percent rise in the food, beverage and tobacco industry.

The motor vehicle sector advanced for the fourth time in five months, climbing 0.7 percent, on higher sales of new vehicle parts and accessories. Canadian auto sales topped the 2 million mark last year for the first time as consumers bought light trucks.

Inventories dropped 1.2 percent, the first decline in eight months amid decreases in the machinery and equipment, and vehicle sectors.

Canada's annual inflation rate is expected to have fallen marginally in December but still remains near the Bank of Canada's 2 percent target. Analysts will watch the three measures of underlying core inflation to gauge how quickly the central bank may raise interest rates again.

The Canadian dollar was trading at C$1.2453 to the greenback, or 80.30 U.S. cents, up 0.3 percent.

The currency traded in a range of C$1.2435 to C$1.2520. Since the beginning of 2018, the range has been C$1.2355 to C$1.2590.