Asda launches monthly Income tracker to monitor health of nation's finance
First ASDA Income Tracker Report Reveals:
- The average UK household has 3.2% less disposable income to spend than January 2007
- Cost of living has risen 4.9%
- Earnings growth has fallen
- Transportation costs up 6.4%, including 19% rise in petrol
- Food and non alcoholic drink up 6.1%
- Clothes prices down 4.8%
ASDA today (Friday 29th February) launched its first ever monthly income tracker, a detailed economic report assessing the health of the nation’s finances.
Compiled in conjunction with the Centre for Economics and Business Research, its inaugural report reveals that the average household in the UK has 3.2% less to spend compared to a year ago (Jan 07 vs Jan 08). The cost of living has also shot up by 4.9% piling further pressure on household budgets.
A number of factors have contributed to the rise in the cost of living; transportation costs have risen by 6.4%, including a 19% rise in the cost of petrol (average petrol prices are now £103.9p per litre); and food inflation (including non alcoholic drinks) has increased by 6.1%. A fall in clothes prices of 4.8% has helped families recoup some of their total spendable income.
Andy Bond, ASDA CEO and president said: "Our income tracker confirms what we’ve known for some time, household budgets are being stretched to the limit.
“A combination of factors is pushing up the cost of living for millions of families, making it more important than ever for retailers like ourselves to keep prices as low as possible. Only that way will we keep a lid on inflation.”