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Asda Income Tracker: Families 13 a week worse off in October 2011 than October 2010

The latest Asda Income Tracker explains that utility costs continue to put pressure on disposable income, but there is a glimmer of hope ahead of Christmas.

Key findings included:

- UK families £13 a week worse off in October 2011 than in 2010

- October saw a £13 a week fall in family spending power compared to the same month last year – a slight month-on-month improvement

- Average UK household had £164 a week of discretionary income in October, 7.1 per cent lower than a year earlier.

- Worsening employment conditions erode family spending power

The latest Asda Income Tracker has revealed that family spending power fell by £13 a week in October 2011, leaving the average UK family with £164 of weekly disposable income – 7.1 per cent down from this time last year. While this represents a year-on-year decline it is an improvement on the previous month, with further improvements expected up until Christmas.

With the festive season fast approaching, the annual inflation on the consumer price index dropped off in October, falling back two percentage points to 5.0 per cent, signaling a downward trend in inflation. However, budgets continue to be squeezed by the rising costs of running a family home. In October, gas prices were some 24.1 per cent higher than a year ago, while electricity prices grew by 14.9 per cent.

Transport costs continue to put pressure on the inflation rate too, with the cost of getting around remaining a large driver of the headline rate of CPI inflation. Figures from the AA show the cost of unleaded petrol grew by 14.3 per cent over the year to October while diesel prices increased by 15.1 per cent during the same period.

Source : Asda Press Centre

24 November 2011
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