Retail sales have plummeted to their lowest level for 18 years, according to statistics released this morning.

According to the Retails Sales Index, during the month of August consumers spent an estimated $84.7 million on retail sales.

The report said: “This represented a decrease of $8.8 million or 9.5 percent less than total sales recorded in the same month of last year. August marked the seventeenth consecutive month of declining sales activity and the largest year-over-year percentage decline reported since the 9.5 percent decrease recorded in May of 1992.

“After adjusting for the annual retail sales rate of inflation, measured at 2.2 per cent in August 2010, the volume of retail sales contracted by 11.5 percent.”

For more detail and reaction on this story see tomorrow’s Royal Gazette