(Bloomberg) -- British families have more spare cash than at any time in nearly two years, a survey said Wednesday, after inflation in the UK fell sharply.

An income tracker published by supermarket chain Asda found that disposable income for the average UK household rose 6.1% year-on-year to £230 ($182) per week last month, the highest since March 2022.

“This improvement was driven by a number of factors including continued earnings growth, weaker food price inflation, and the recent cut to National Insurance contribution rates,” said Sam Miley from the Centre for Economics and Business Research, which produces the index for Asda. The index attempts to measure how much households have left after paying taxes and essential bills.

Brits’ spending power should keep growing through this year, Miley added.

Middle-income households’ discretionary income grew by 15.6%, compared with the same period a year earlier, to £254 a week. However, lower-income households’ discretionary income fell by 0.5%, and they are typically £69 a week short of being able to pay for their bills and essentials.

Asda recently announced it will open 110 Express convenience stores this month, which it said would put it on track to reach 1,000 UK stores in total. It has a 13.7% market share in the UK, according to data company Kantar, down from 15.4% five years earlier amid strong competition from German discounters Aldi and Lidl.

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