“Family spending power has declined for a fifth month in the past six as household budgets continue to be squeezed.

 

The average household had £197 of discretionary income per week last month, down 94p on the same month last year, according to an income tracker for Asda.

 

Household budgets are under pressure from rising inflation, which hit 3 per cent last month, its highest for five years. Despite the lowest levels of unemployment since the mid-70s and high job vacancies, wage growth remains sluggish.”

 

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