Canadian Consumers Pull Back on Spending Amid High Prices, Interest Rates: Experts

People fuel up their vehicles at a gas station in Vancouver after the price of a litre of regular-grade gasoline reached a new high of $2.28, on May 14, 2022. The Canadian Press/Darryl Dyck

Canadian consumers are pulling back on spending as rising prices and high interest rates appear to be taking a toll on retail sales.

Retail sales slipped 0.2 percent to $66.3 billion in February amid a drop in spending at general merchandise stores and gasoline stations and fuel vendors, Statistics Canada said Friday.