NORTHERN Ireland households have an extra £9 a week to spend in comparison to last year, new data has revealed.
The latest Asda Income Tracker for May shows that discretionary income in the north has increased to £107 per week - up 9.3 per cent from the £98 recorded in the same period in 2017. Gross income also grew by 3.9 per cent over the year, the highest rise in the UK and well above the average recorded rate (2.4 per cent).
Despite the positives Northern Ireland remains at the bottom on the income table in terms of spending power, with the average discretionary income for a UK family almost double at £201 per week. The north east of England is the next lowest in monetary terms, with a weekly spending power of £138, while London tops the list with £276 per family per week.
Discretionary income is the amount left behind after taxes and everyday essentials such as mortgages, transport costs and utility bills are paid.
In general terms, price increases slowed in most categories compared to the previous year, suggesting that consumers can enjoy the higher wage growth without having to pay more for their essential items.
The largest and most significant upward contribution to inflation came from transport costs.
Managing economist for consultancy firm Cebr, Kay Neufeld said the overall UK figures were positive, with households benefitting from a combination of moderating inflation and robust wage growth.
"After a tough year in 2017, our data show the fifth consecutive increase in the ASDA Income Tracker for 2018 in May."
“Looking at the regional picture, we find that all regions except the west midlands experienced annual growth in discretionary incomes over the second quarter," she added.
