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Average family income falls by £14 per week

Family spending power has fallen by a record level in the past month as consumers struggle with rising inflation, petrol and utilities costs, according to the latest Asda Income Tracker results.

GENERAL MERCHANDISE

Average family income falls by £14 per week

Family spending power has fallen by a record level in the past month as consumers struggle with rising inflation, petrol and utilities costs, according to the latest Asda Income Tracker results.

The average family’s disposable income fell by £14 a week in May compared with the same month last year – the largest decline since the supermarket started started tracking spending power in 2007.

Andy Clarke, Asda’s president and CEO, said: “The true cost of living is now beginning to take its toll. Inflation is rising twice the rate of earnings, petrol prices are at a record high and utilities bills are only getting steeper – all adding up to a £14 a week hole in people’s pockets."

He added: “The combined effect is creating a perfect storm for customers trying to make ends meet.”

The Asda Income Tracker report is produced by the indepenednt economics and business research consultancy, the Centre for Economics and Business Research. 

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