$Straits Times Index(STI.SI)$  Retail sales is calculated in monetary value and not number of product sales. So, this doesn't mean consumer demand/confidence has increased.

Let's say price rose by 5% and people bought the same amount of stuff, that would also be shown as a 5% increase in retail sales. Talking to people in retail, looking at published data and just looking around outside and how prices have increased, this seems to be the case.

What do you guys think?

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