Weaker pressure on essential spending boosts UK consumers

CONSUMERS are feeling increasingly less pressured by rising prices of consumer essentials, with inflation ebbing to lower levels.

According to Lloyds’ latest report on UK spending, the amount shoppers are having to shell out for essential items is up by less than one per cent from last April, the second straight month in which the figure has been so low.

The survey also shows that consumer sentiment is at the highest since the bank started the survey during 2010.

Spending growth on gas and electricity has helped to temper the cost of necessary goods, with prices up by around one per cent. In the middle of 2013, they were increasing by more like eight per cent.

Fuel prices have dropped since last year, down five per cent, with the Treasury’s duty on petrol frozen.