Belfast Telegraph

Falling prices give Northern Ireland families extra £14 a week in their pockets

By Staff Reporter

Northern Ireland families had an extra £14 a week in their pockets during June, according to Asda's monthly income tracker.

Families in Northern Ireland now have £95 a week to spend after necessities have been accounted for, according to the tracker - more than 17% higher than this time last year and the largest percentage increase of any UK region.

But despite Northern Ireland topping the latest survey for the rate of growth, the increase still equates to one of the lowest in terms of actual cash.

The average UK family has an extra £18 per week, but for Northern Ireland households the increase is £4 lower, according to the tracker, compiled by the Centre for Economic and Business Research (Cebr).

Falling fuel, groceries and clothing prices have helped lower the cost of living in Northern Ireland.

Barry Williams, chief customer officer at Asda, said: "This month's tracker brings yet more good news for households across the UK - as the summer holidays get into full swing the pressure on family budgets will be lighter and giving them a chance to spend more money on the things they want to do, rather than need to do. It's reassuring to see that Northern Ireland continues with its accelerated recovery."

Sam Alderson, economist at Cebr, said: "The continued and widespread increases in family spending power are good news for the UK economy, particularly given the global economic uncertainty surrounding China and Greece." The Institute of Fiscal Studies last year found household income in Northern Ireland fell by 8% during the recession - the steepest fall of the UK regions.

Belfast Telegraph