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Page last updated at 09:40 GMT, Saturday, 14 May 2011 10:40 UK

Consumers 'focusing on essentials'

The Institute for Fiscal studies has warned that high inflation and stagnant wages will mean that the average family will have lost £500 pounds over the past year.

Donald Hirsch of the Centre for Research in Social Policy at Loughborough University and Helen Dickinson, head of retail at KPMG discuss how this will affect those at the low end of the income scale and those in the squeezed middle.

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