Gas Price Surge Drives April Gain in Consumer Spending
Canada’s Index of Consumer Spending stood at 121.2 in April 2026, a gain of 11.0 points from March, primarily the result of oil price increases due to the continuing disruptions in the Strait of Hormuz and consequent supply uncertainty. Despite this pressure, the Bank of Canada held the overnight rate at 2.25 per cent.
Though overall energy prices steadily rose, what factors served to temper the short-term impact on consumers? What does retail trade data show for the period, particularly in non-fuel categories such as food and beverage, non-essential grocery, and general merchandise? With all 10 Canadian provinces as well as Yukon and Nunavut posting ICS gains, which regions faced the greatest increases? Where were the gains below the national mark?
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