More

    Household finance pressure eases: Asda income tracker

    iStock image

    Financial pressures facing households in the UK eased slightly last month, with a 4.5 per cent increase in disposable incomes year-on-year ‒ the strongest annual growth rate since September 2021, Asda’s latest Income Tracker suggests.

    In July, the amount households had to spend on themselves after paying taxes and essential bills was up by £9.48 a week compared to the same period a year earlier. Compared to the previous month, disposable income picked up by £6.09 per week, taking the average disposable income to the highest it has been since March 2022 at £218 per week.

    The improvement in household spending power was due to the easing of inflation, down to 6.8 per cent in July compared to 7.9 per cent the previous month. This was predominantly due to lower energy prices and a fall in some food and non-alcoholic beverage prices.

    However, despite these recent improvements, family disposable income remains firmly below the levels experienced prior to the cost-of-living crisis – down by £25.99 per week for the average household compared to July 2021.

    There are also notable differences between households, with those aged 30-49 feeling the pinch the most as their spending on essentials, such as food, housing costs and utility bills, was 9.4 per cent higher in July compared to a year earlier. On average, these households spent £726 on essentials per week in July – £135 per week more than the average spend on essentials for all households.

    In contrast, older households aged 65+ enjoyed a 7.8 per cent increase in average disposable incomes in July compared to a year earlier. This reflects their stronger gross income growth following the recent uplift to the state pension and smaller rises in the cost of essentials.

    Latest

    Mondelez to be fined for blocking cross-border sales

    The European Union is set to fine Oreo maker...

    French brand St Michel launches Choco Cakes range in UK  

    St. Michel, France’s leading cake and biscuit brand, has...

    ‘Enjoy Paris’ with Président

    Dairy company Lactalis UK & Ireland is leveraging excitement...

    trüfrü secures wider distribution for frozen fruit snacks

    Following a successful launch into the UK market last...

    Don't miss

    Mondelez to be fined for blocking cross-border sales

    The European Union is set to fine Oreo maker...

    French brand St Michel launches Choco Cakes range in UK  

    St. Michel, France’s leading cake and biscuit brand, has...

    ‘Enjoy Paris’ with Président

    Dairy company Lactalis UK & Ireland is leveraging excitement...

    trüfrü secures wider distribution for frozen fruit snacks

    Following a successful launch into the UK market last...

    Tropicana unveils new brand identity

    Leading juice brand Tropicana has announced a refresh of...

    Mondelez to be fined for blocking cross-border sales

    The European Union is set to fine Oreo maker Mondelez International, for blocking cross-border sales, stated recent reports. Regulators in Brussels will order the US-based...

    Unitas Wholesale exec changes

    Richard Bone, Unitas Wholesale’s Finance Director, is leaving to take up a new role within the industry. Richard will remain with Unitas until the...

    Hunts SPAR group launches innovative in-store parcel concept

    Lawrence Hunt & Co. Ltd has introduced an innovative solution into one of its SPAR stores that could be a gamechanger for how the...