June 30, 2022 06:50 GMT
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- This morning's quarterly national accounts report highlighted a fall in real household disposable income (RHDI), which weakened by 0.2% q/q in Q1 2022.
- Despite growth in nominal gross disposable income, UK inflation running hot at 7.0% y/y at the end of Q1 saw real income growth squashed. Household quarterly inflation was the highest in 11 years at 1.7% on the ONS deflator, (at 2.4% in 2011), underpinning the stark decline in consumer confidence.
- This was the fourth consecutive quarter of negative growth for RHDI, a new record beating the three consecutive quarters of 1976/77. Records began in 1955.