High gasoline and food prices and a U.S. housing market that shows no signs of improvement are weighing on consumers’ wallets, with rising unemployment threatening to further slow spending, according to a consumer indicator.

Deloitte & Touche’s Leading Index of Consumer Spending fell to 2.3 percent in the latest month, from a revised gain of 2.61 percent a month earlier, the firm said on Tuesday.

“Increases in energy and food prices are reducing consumer purchasing power,” Carl Steidtmann, Deloitte chief economist, said in a statement. “Higher inflation and unemployment are key risks for consumer spending capacity in the months ahead.”

The index, which tracks consumer cash flow, is comprised of four components: tax burden, initial unemployment claims, real wages and home prices.

While the tax burden was unchanged in November, the index found that growth in jobless claims rose from the year earlier. Rising inflation helped to keep growth in real wages close to zero for the month, but home prices and new home sales fell, Deloitte said.