The Asda Income Tracker was £2.18 a week lower in August 2020 than a year before
The data from Asda's September 2020 Income Tracker also showed:
- Family spending power suffered a year-on-year fall of 1.0% in August.
- Annual inflation, as measured by the Consumer Price Index (CPI), slowed considerably between July and August, falling by 0.8 percentage points to reach 0.2%. CPI inflation was last lower in November 2015.
- Estimates for the number of individuals on PAYE payrolls point to a fall of 695,000 between March and August. With the furlough scheme set to end within the next six weeks, further losses are anticipated.
- Over the past 12 months, gross income fell or saw slowing growth for all income groups, in a clear illustration of the labour market fragility caused by the lockdown-induced recession. I
The full report for September can be read here.