Asda’s latest monthly Income Tracker has revealed that Brits had an extra £16 a week in their pockets in February.
Families across the UK now have £184 a week to spend on the things they want, rather than the items they need – which is 9.2% higher than this time last year, according to the supermarket chain.
The cost of food saw a record drop, falling by 3.3% year-on-year last month – the steepest decline in nearly 60 years – and the price of fuel fell by 16.6% year-on-year last month: the largest annual fall in over 25 years.
Commenting on the findings, Asda president and ceo Andy Clarke said: “This month’s tracker brings positive news that discretionary incomes continue to climb. It’s encouraging to see that the family budget has increased by £16 since last year and this is being supported by low prices on fuel, food and energy.
“Our customers are feeling more confident yet remain prudent by continuing to spend carefully and save where they can for a rainy day. Above all, our customers are looking for reasons to be confident that their discretionary income will remain stable.”