The annual rate of growth in retail sales has slowed to 3.8 per cent, its lowest level in three years, amid concerns the current weakness in sterling may be dampening activity here.

With the UK accounting for 33 per cent of imported consumer goods, sterling’s depreciation may be affecting prices here.

The latest numbers from the Central Statistics Office (CSO) indicate retail sales fell by 0.2 per cent in September on the back of falling stationary, hardware and fuel sales.

When the notoriously volatile motor trades are excluded there was a monthly increase of 0.5 per cent for September and 3.3 per cent year-on-year.

The sector with the largest monthly decrease was books, newspapers and stationery, which saw sales decline by 14.6 per cent.

There were also decreases in sales of hardware, paints and glass (-4.3 per cent) and fuel (-2.3 per cent).

The sectors with the largest monthly increases clothing, footwear and textiles (+8 per cent), bars (+2.8 per cent) and electrical goods (+1.6 per cent).

A report this week by Goodbody stockbrokers suggested the slide in sterling may also be tempting more shoppers across the Border.

"This is the slowest annual pace of growth since November 2013. Some of the weakness reflects the new seasonal pattern of car sales distorting the headline data," Davy analyst Conall Mac Coille said.

After a 14.5 per cent surge in July, sales volumes have fallen 6 per cent in August and 0.2 per cent in September, he said.

Mr Mac Coille also noted that retail prices fell by 0.6 per cent in September after a 0.5 per cent fall in August.

“This suggests that sterling’s depreciation against the euro is bearing down on consumer prices, with the UK accounting for close to 33 per cent of imported consumer goods,” he said.