Consumer spending has fallen for 16 consecutive months, according to figures released this morning.

The Retail Sales Index for July showed that people spent $94.7 million on retail sales — a decrease of six percent, or $6 million less than total sales recorded in the same month last year. Worst affected were the building materials and motor vehicle retailers.

When inflation is taken into account — which was 2.4 percent in July — the volume of retail sales contracted by 8.1 per cent.

The report said: “Retail sales have consistently declined for 16 consecutive months since March 2009 when there was no movement in sales activity.”

* Full story in tomorrow’s Business section of The Royal Gazette.