HOUSEHOLDS’ spending power in Northern Ireland is fast diminishing as the cost of living crisis continues to bite.
The region endured the UK’s largest percentage fall in discretionary household income in the last three months of last year, according to the latest Asda Income Tracker.
Money left over after all priority bills were paid declined in the north by a whopping 27.6 per cent year-on-year to an average of just £93 per week – less than half the UK average of £209.
That marks a seven-year low and maintains the north’s ignominious position at the bottom of the UK’s league table.
It’s the third quarter running the available spend total for Northern Ireland has sat below £100, following the figure of £93.50 in quarter two and £95.10 in quarter three (it was £127 in the first quarter of 2022).
It comes as official inflation data for December, published last week, showed UK food prices were 16.8 per cent higher than a year earlier, a rate not seen since September 1977.
The Asda tracker, which is independently compiled by Cebr, reflects the amount remaining after all essential items such as groceries, electricity, gas, transport costs and mortgage payments or rent are paid.