UK households reduce spending and increase saving due to inflation-driven cost-of-living shock.
Inflation shock has transformed the UK into a nation of savers, reports the Resolution Foundation. The cost-of-living shock has changed what households do with their money, with consumption being cut more than the fall in incomes. Official data, expected to be released next week, may show inflation returning to the 2% target, marking the end of a three-year inflation spike that has led to households spending less and saving more.
May 16, 2024
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