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Inflation fears concern consumers

Nearly three quarters of adults (70 percent) feel negative about the current levels of inflation, according to new research from Lloyds Bank.


Amber-Ainsley   Pritchard

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The bank said significantly more UK households say they are spending more on essential products and services than they were a year ago.

 

The research comes from the latest Lloyds Bank Spending Power Report which is derived from independent consumer research and current account data of 2,000 UK Lloyds Bank, Halifax and Bank of Scotland customers.

 

The survey found that 55 percent of people spent more on household groceries compared to this time last year, a rise of 17 percentage points on December 2016.

 

Gas and electricity were also found to be a growing burden on nearly half (48 percent) of all customers surveyed, with a 14 percentage points rise compared to December 2016.

 

Robin Bulloch, managing director of Lloyds Bank, said: “This is typically the time of the year when many of us plan to make a fresh start and improve our health and well-being. Almost a third of people say they intend to improve their financial health in 2018 which is encouraging at a time when the pressures on consumer spending are increasing.

 

“This is the perfect opportunity to review your budget and to consider how you can make your money go further.”

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