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Singapore retail sales fall at steepest pace in 12 years as virus deters shoppers

Reuters
People ride up an escalator at a shopping mall in Singapore

SINGAPORE (Reuters) - Singapore's retail sales in February fell at the steepest pace in more than 12 years on a month-on-month basis as consumption fell across categories such as apparel and cosmetics due to the coronavirus pandemic.

On a seasonally adjusted basis retail sales declined 8.9% in February from the previous month, data from the Singapore Department of Statistics showed, the biggest drop since July 2007.

Retail sales fell 8.6% on a year-on-year basis.

(Reporting by Aradhana Aravindan and John Geddie in Singapore; Editing by Tom Hogue)