Standard of living dropped in the third quarter of 2022

This was down from a peak in the third quarter of 2021 - which was the highest level in the 24-year series.

"This has been a slow reduction in living standards, as wages continued to rise but did not keep pace with prices," he added. During this three month period, household consumption grew partly due to high inflation, but also because more goods and services were used. Before the pandemic, households saved around 10% of their total disposable income, so 19% is still well above the long-term average.

Source: Entertainment Trends (entertainmenttrends.net)

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