Mubasher: Retail sales in the UK levelled down 0.8% month-on-month in September, signalling that British consumers are slashing spending after a strong summer for retailers, the Office for National Statistics (ONS) stated on Thursday.

The decrease in the European country’s retail sales was attributed to a drop in food stores, department stores, and online.

“The fall in September pulled down the three-month growth rate in sales to 1.2%, that was the third straight decline, suggesting consumer spending peaked in the early summer and is now slowing,” the ONS’ statement indicated.

The outlook for British consumer spending, which is the engine of the nation’s economy, is mixed, as inflation is cooling currently, whereas wages’ increase is picking up.

“Consumer confidence remains subdued in the run-up to the planned exit from the EU in March next year,” the statement found.