TAIPEI (Taiwan News) — The Ministry of Economic Affairs (MOEA) reported on Monday (March 25) that retail sales in Taiwan hit NT$359.9 billion (US$11.2 billion) in February, a 9.3% increase from the same period last year.

According to a MOEA Department of Statistics report, food and beverage sales reached NT$96.9 billion in February, a 24.6% increase compared to last year.

MOEA Department of Statistics Deputy Director Huang Wei-chieh (黃偉傑) said that the retail sales increase was likely due to shopping and traveling during the Lunar New Year period, CNA reported. Furthermore, as seasons change and events like White Valentine’s Day stimulate spending, the MOEA estimates that retail industry revenue for March will range from NT$371.6 billion to NT$382.7 billion.

Huang said that the food and beverage industry set a record of NT$100.5 billion in January last year. “Apart from the Lunar New Year factor, the post-pandemic consumption boom also boosted dining out demand. Therefore, the NT$90 billion figure for February is still very high,” he said.

However, Huang said that the Sudan Red III adulterant issue that erupted at the end of February affected hot pot restaurants. Whether this will continue to affect March revenue remains to be seen, he added.

As for the new electricity prices set to take effect in April, Huang said the key lies in whether the electricity price increases are reflected in product prices. “A rise in the consumer price index (CPI) would indeed affect consumer purchasing power, but the effects of gradual and one-time increases would differ and require further assessment,” he said.