Americans’ retail spending falls for first time in seven months

American consumers pulled back on retail spending for the first time in seven months during October, says new data from the U.S. Department of Commerce.

With interest rates at a multi-decade high, consumer spending reportedly dipped 0.1% during the month of October.

However, Americans were still seemingly eager to spend at grocery stores and restaurants, with sales in these sectors rising 0.7% and 0.3% respectively last month.

According to economic analysts, the spending pullback will allow the U.S. Federal Reserve to continue combating inflation.