Pressures on family finances are continuing to grow, as new figures show that their spending power is in decline.

The latest Asda Income Tracker reveals that in January, there was a £9 drop in spending power compared to the same month of 2010.

This marks the 13th month that declines have been noted, which may lead home cooks to go in search of greater value when they head to the supermarket.

Andy Clarke, Asda president and chief executive officer, commented: "The latest drop in household spending power reflects what we're seeing in our stores – customers making each pound count."

He also highlighted that the supermarket has a duty towards its customers to help keep prices as low as possible.

This follows findings from IGD Retail, which showed that more consumers are seeking value for money items when they head to the shops due to mounting financial pressures.