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UK consumer spending slips 0.3% YOY in September

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UK consumer spending slips 0.3% YOY in September

Consumer spending in the U.K. slipped 0.3% year over year in September after a marginal increase of 0.2% in August, data from Visa Inc. showed Oct. 9.

Spending has fallen on an annual basis for four of the last five months, marking the longest series of such declines since April 2013, Reuters reported.

When adjusted for inflation and seasonal effects, consumer spending was up 1.4% in September after slipping 0.4% month over month in August, said Visa.

"Rising living costs, muted wage growth and ongoing uncertainties surrounding Brexit negotiations and the strength of the U.K. economy continue to act as drags on household spending," said Annabel Fiddes, principal economist at IHS Markit, which compiled the data for Visa.

Five of the eight broad categories recorded lower spending compared to 2016. Lower spending was noted in transport and communication, down 6.4%, followed by household goods, down 2.6%. Recreation and culture saw its biggest fall — 1.3% — since July 2013.

Expenditure in hotels, restaurants and bars, meanwhile, increased as well as in miscellaneous goods and services, food and drink categories.