Recent research from the UK’s Centre for Economics and Business Research (Cebr) found that households in Northern Ireland have experienced a record drop in spending power, decreasing by 28.7% in a year.
The data, produced for Asda’s income tracker for the third quarter of 2022, suggests the average family here was left with only £95.10 per week to spend on discretionary goods and services.
Food inflation also reached an all-time high with shoppers now paying 10.6% more than they were a year ago, according to the British Retail Consortium (BRC)-Nielsen IQ index.