UK consumers cut spending as inflation hits 10%, set to tighten further in 2023
“Winder is coming”, and the British are now resorting to products with low energy consumption, such as… air fryers and multicookers as they look for ways to tackle the high cost of living crisis, supermarket group Asda announced today on Wednesday.
According to the group, there is a 320% increase in sales in one year in air fryers, while in multicookers sales have more than doubled. Both electric appliances consume less energy than traditional ovens.
These conclusions are consistent with data released earlier this month by Kantar Group, the data analytics firm.
Asda, which compared its figures with the Center for Economic and Business Research, said UK families were in September by 162 euros poorer compared to last September mainly due to more expensive utility bills, with natural gas prices 95.7% higher and electricity 54% higher.
UK consumers are cutting back on spending as inflation has hit 10% and is set to tighten further in 2023 as the Chancellor of the Exchequer Jeremy Hunt announced that he would not adopt tax-cutting measures planned by former prime minister Liz Truss.
Asda Group has announced that the household income picture is highly dependent on the Government’s management of energy efficiency.
Earlier in the month Hunt said the government’s two-year plan to support households against rising energy prices would be reviewed from April 2023.
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