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Food powers Singapore retail sales rise

Singapore retail sales soared 15.8 per cent in February – with food and beverage the key driver.

Data released by the Department of Statistics Singapore (SingStat) on Wednesday shows department stores and supermarkets also contributed to the year-on-year increase.

Much of the overall increase was attributable to the Lunar New Year holiday season.

Excluding motor vehicles, retail sales increased 14.8 per cent year-on-year, but were unchanged against January.

SingStat estimated total retail sales in February at S$3.4 billion – $400 million higher than in February 2014.

Food and beverage sales increased two per cent in February 2015 over the previous month and by 3.2 per cent year-on-year.

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