Consumers may face an increase in prices, as retailers grapple with the effects of the low Canadian dollar, according to a new internal study from the Retail Council of Canada.

The study found that 49 per cent of the council’s retailers said the loonie's devaluation has increased their costs by more than five per cent.

Jim Cormier, the council's Atlantic Canada director, said most of the retailers reported a good spring with sales up about 4.2 per cent on average. However, if the loonie continues on its downward slide, retailers may have to raise their prices.

"They're looking at the dollar daily, and they're hoping for an improvement," he told CTV’s Canada AM. "But the fact is, if it continues on this downward trend retailers will have to make tough decisions."

He noted that in just one year, the dollar has gone from trading at about 92 cents U.S. to where it now sits: 75.43 cents U.S. This inevitably affects retailers' costs, as they purchase and import all of their goods in American dollars, he said.

Last week, Statistics Canada reported that consumer prices rose 1.3 per cent in the last 12 months to August, matching the increase in July.

Cormier said that, despite the increased costs, some retailers will work to keep their prices low due to the competitive nature of the industry.

"Members have been very resilient up to this point," he said, noting that the report is more of a "cautionary tale" of what could happen.

He said certain sectors of the retail industry face more pressure than others, notably the apparel sector that faces tariffs when importing clothing items into Canada.

Chris Torti owns a sports merchandise store in Ottawa. He said he hasn't had to raise prices by much yet, but he may have to if the loonie doesn't improve.

"If it stays the way that it is, there's probably going to be some price increases next year. And if it stays the way it is, that will be affecting our prices then," he told CTV Ottawa.

Michael Mulvey, a professor at the University of Ottawa's Telfer School of Management, said the impact of the low Canadian dollar will be felt by everyone.

"I think it's going to affect everybody; it's going to be felt across the board," he said. "All consumer goods, particularly those that are manufactured or imported via the U.S. you're going to see an uptick in prices."

But the low dollar could translate into deals from Canadian manufacturers. Geoffrey McLean owns Project 9 Furniture in Halifax. He said there’s never been a better time to buy made-in-Canada furniture.

“It’s a bargain right now to buy a Canadian-made sofa,” he said. “It’s going to be 30 to 40 per cent cheaper than its American counterpart.”

With files from CTV Ottawa and CTV Atlantic