- The average UK household had £169 a week of discretionary income in February 2014, up by £5 a week year-on-year, representing the fastest growth in family spending power since November 2012
- The latest increase is the fifth month in a row that families have seen their household incomes rise
- Family spending power in February was boosted by a slowdown in the rate of inflation, which dropped to just 1.7% – beneath the Bank of England’s 2% target
- A fall in the cost of petrol, which is 5.1% lower than the same month last year, eased the pressure on household finances
The latest Asda Income Tracker has revealed that families had £5 a week more discretionary income in February 2014 than in the same month the year before. The rise in discretionary income – the income left once taxes and the spend on essentials like rent, utilities and bills have been deducted – in February is the fastest increase seen since November 2012. Household incomes were boosted by two major factors including slowing inflation, helped by a drop in petrol prices, and a 1.6% increase in private sector wages, which have experienced their fastest growth since December 2012.Find out more and read the full report.