Irish consumer sentiment weakened for the first time in five months in August, research shows.
According to the latest Credit Union Consumer Sentiment Index (in partnership with Core Research) negative news on jobs and the global economy together with continuing cost of living pressures dampened the mood of consumers.
Poor weather could also have added to the gloom and contributed to the softest consumer confidence reading since April.
"Although the Irish economy and consumer spending power have avoided the collapse feared in the 14-year low seen in the survey in September 2022, the global economic outlook remains at very best uncertain, and many Irish households remain under significant financial pressure," noted the Index author Austin Hughes.
Fuel Costs
The August survey period saw concerns about winter fuel costs amplified by reports of renewed upward pressure on European wholesale gas prices while there were also warnings of more expensive food bills because of war and weather-related disruptions to supply.
In addition, high profile price increase announcements from companies ranging from drinks producers to streaming service providers underscored that already strained cost-of-living pressures could worsen.
According to the research, after energy costs, higher interest rates were seen as the most significant threat to the cost of living in the year ahead.
Read More: Irish Consumers Sentiment Improved 'Fractionally' In July
