UK household living standards are falling at their fastest pace since 2011 as inflation surges

‘Household living standards seem to be falling at their fastest pace since 2011 as the surge in inflation since last June’s Brexit vote hits home, data released by the Office for National Statistics (ONS) confirmed today.
Real household disposable income per head in the first quarter of 2017 was 2 per cent lower than in the same quarter a year earlier.
It was the biggest annual decline on this measure since a 3 per cent fall in the final quarter of 2011, when the eurozone crisis was raging and consumer price inflation had spiked above 5 per cent.
The biggest drag on this measure of living standards in the first quarter of this year was inflation, which shot up from 0.3 per cent in early 2016 to 2.9 per cent now, reflecting the almost 15 per cent decline in the value of the pound since the referendum.’
Read more: UK household living standards are falling at their fastest pace since 2011 as inflation surges