U.K. Shoppers Ramp Up the Penny Pinching to Beat Price Jump
- Shoppers switch to cheaper groceries as confidence falls
- Currency-fueled inflation pickup is hitting workers’ pockets
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British consumers are fast changing their spending habits to save money amid a jump in inflation sparked by a weaker pound.
More than half of households in a Nielsen survey published Thursday said they’re making cost-cutting efforts, the highest proportion in two years and the latest sign of how shoppers are responding to faster price increases. Data this week showed wage growth remains tepid and real incomes continue to fall.