11:04 19 June 2012
As per the latest Lloyds TSB Spending Power report, Families are £34 poorer per month than what they were a year ago. Previously, high inflation was the cause of increasing costs of essentials, however this year a weak income growth has severely limited any benefits for consumers.
A decline of 0.3 per cent was recorded in the spending power of consumers when compared to the spending power recorded at the same time last year.
Chief economist at Lloyds TSB, Patrick Foley said, "Weak income growth and stubbornly high inflation ensures the squeeze on consumers is remaining in place longer than many thought it would.”
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