THE disposable incomes of households in Northern Ireland have eclipsed £100 - but it still lags way behind the UK average.
According to the latest Asda Income Tracker, the spending power of families in the north rose 7.2 per cent in the last quarter, although the pace of growth is slowing.
But despite the rise, homes in Northern Ireland are much less well off than their counterparts in Britain where the average disposable incomes is £198 weekly.
The closest region in Britain to Northern Ireland is the north-east of England were £129 is available once all taxes and bills have been paid.
Meanwhile, families in London have around £266 a week to spend how they please.
Asda said continued weakness in the north's jobs market was a constraint to spending power.
It said the slowdown in the growth in spending power was experienced across the UK and was down to a rise in essential item inflation, which has been either falling or static since the end of 2014.
Asda said the figures did provide some positive sign with the rising prices across clothing and footwear (1.4 per cent), as well as the increased expense of dining out in restaurants and cafes (1.9 per cent) contrasted with notable drops in the cost of vehicle fuel (-9.2 per cent) and electricity and gas (-3.7 per cent).
Asda president and chief executive Andy Clarke said: “The sustained rise in discretionary income gives family finances a welcome boost ahead of the summer months. While inflation has slightly increased in recent months, low overall interest rates continue to be good news for consumers.
“The outlook remains cautiously positive, despite a slow-down in wage growth across the country as a whole, which really can be seen on a regional level where we are already noticing an increase in household income.
"Wage levels in Wales in particular are extremely encouraging, while discretionary income in Northern Ireland has reached a milestone of £100 – a promising figure. This represents a number of positive indicators which should give UK families confidence for the coming months.”
Sam Alderson, an economist at Cebr, added: “While increases in inflation in recent months have weighed on growth rates, households across the country continued to benefit from robust annual increases in spending power in March.
“While Assembly elections and the upcoming referendum on EU membership provide an uncertain background for consumers, the low levels of essential item inflation and growing discretionary incomes should continue to provide support to both consumer spending and overall economic growth.”
