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According to the Daily Telegraph, despite a £16 a week increase in earnings, the average UK household has seen its disposable income drop by 9.1 per cent.
The newspaper claims that the middle classes, who spend a greater proportion of their earnings on food and fuel, are being hit particularly hard by the increases.
A study by the Centre for Economics and Business Research, undertaken for shopping giant Asda, also found that the cost of transport has increased by eight per cent over the last year, while the cost of food and non-alcoholic drinks has gone up 12.3 per cent.
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It was reported recently that sales of fish and chips have risen in the UK, despite the continuing credit crunch.
