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Retail sales figures in the United Kingdom for the month of December fell 1.9 percent from the previous month, according to the latest data released by the government.

Sales across all main retail sectors went down, with non-food stores accounting for the biggest contraction, the Office for National Statistics (ONS) said.

The latest retail sales figures represent the heaviest monthly fall in over four and a half years.

Some analysts attribute the December plunge to heavy Black Friday discounts given by retailers in late November. They point out that November figures were boosted because of the discounts and that December numbers slumped because shoppers lost the incentive to shop.

Also severely impacted by the shopping decline were household goods, footwear, and clothing.

Experts had forecasted a much smaller monthly decline at 0.1 percent.

With inflation figures showing an increase in retail prices in December, analysts are expecting the rest of the year to chart a downward path as higher prices are bound to negatively impact disposable income and consumer spending.

Compared to last year, however, UK retail sales in December are actually up 4.3 percent, and while main sectors saw their sales drop, smaller retailers like butchers have reported sizable boosts in sales during the holidays.

In related news, the ONS found that online shopping in the UK in December rose with consumers buying roughly £1 billion worth of goods and services from ecommerce websites and apps, representing a 21.3 percent rise compared to the same month last year.

Bank of England governor Mark Carney, this week, said that household spending remained strong, but cautioned that the UK economy was becoming a bit too dependent on consumer spending for economic growth.

The UK economy is among the world’s fastest-growing advanced economies in 2016, but the Bank of England expects growth to slow this year as higher prices and a weaker currency will likely adversely impact consumer spending in the near term.

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The UK economy is set for a sluggish growth next year as uncertainty over Brexit and rising inflation adversely impact both consumers and businesses, the British Chambers of Commerce (BCC) said in its updated forecast.

The business group projects the UK’s economy to expand by a mere 1.1% in the coming year, and by 1.4% in 2018. Previous forecasts pegged 2018 growth to be at from 1.8%.

The BCC says the country will not fall into recession, but predicts that growth will slow down as import costs rise due to a weak pound. The resulting rise in inflation will then diminish consumers’ spending power, eroding overall economic figures.

Recent data from the British Retail Consortium and Springboard indicate that consumers may already be feeling the pinch. Shopper traffic to the high street and shopping centres plunged in November despite lower prices and Black Friday promotions. Footfall in November was 1% lower compared to the same period last year.

The BCC says the sector that will be most impacted by the economic slowdown would be public finances, particularly tax receipts. It echoes the same projections made the Office of Budget Responsibility, a fiscal watchdog.

The business body expects UK’s inflation to top the Bank of England’s 2% target next year, with a forecast of 2.1% in 2017 and rising to 2.4% in 2018. November inflation figures are due on Tuesday, and are expected to climb to 1.1%.

Business investment is projected to decline by 0.8% in 2016, 2.1% in 2017 and 0.3% in 2018 – slightly better than previously expected, but significantly worse than the 1.9% growth previously forecasted for 2018.

The British Chambers of Commerce also said that export growth was likely to slow down in the coming years before picking up momentum again in 2018. The group said that previous projections on the impact of the weaker pound on UK exports were a bit overstated.

So far, the pound has shed about 15% of its value against the US dollar and roughly 10% against the euro since the Brexit referendum.

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