Brexit price rises hit home as household spending in worst downward spiral in four years : Mirror.

New figures are the first time since early 2013 that spending has declined annually for three months in a row.

Household spending is on its worst downward trend in four years as the Brexit-fuelled price rises hit home.

Visa’s UK Consumer Spending Index found consumer spending fell by 0.8% annually in July – the third consecutive month the figure has fallen.

It marks the first time since early 2013 that spending has declined annually for three months in a row.

Visa said the figures are further evidence that households are feeling the squeeze from rising prices and stagnant wage growth.

Consumer spending fell by 0.8% annually in July – the third consecutive month the figure has fallen (Image: Bloomberg)

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Inflation has soared since the vote to leave the EU sent the value of the pound tumbling, making imported goods more expensive for British shoppers.

Transport and communication recorded the biggest annual decline in spending in July, down by 6.1%.

This was followed by clothing and footwear, where spending declined by 5.2% year-on-year.

Food and drink spending was down by 0.5% annually, while spending on household goods fell by 4%

Read More : Mirror.

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