Families enjoyed a £16 boost to their weekly incomes in February and are gearing up for a bumper Easter, according to Asda’s latest Income Tracker.
As the Easter Bank Holiday approaches, the Leeds-based grocer said 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 per cent higher than this time last year.
As millions of people prepare to travel across the country to visit family and friends during the Easter Bank Holiday weekend, the supermarket giant said they will benefit from 16.6 per cent drop in the price of fuel, the largest annual fall in over 25 years.
The cost of food, which also saw a record drop falling by 3.3 per cent year-on-year last month - the steepest decline in nearly 60 years - means shoppers will be able to splash out on cut price Easter Eggs, which have seen a 10 per cent fall in prices this year.
In what is a traditionally indulgent period, consumers are also set to take advantage of falling food prices to stock up on ingredients for the traditional Easter Sunday roast dinner.
Asda said the falling cost of fuel and food meant essential item inflation fell deeper into negative territory, or deflation, for the second time this year, dropping to minus 0.3 per cent.
President and CEO of Asda, Andy Clarke, said: “This month’s tracker brings positive news that discretionary incomes continue to climb.
“It is encouraging to see that going into the Bank Holiday weekend 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.”