Consumer sentiment edges up to near pre-Iran war level
Irish consumer sentiment saw a slight increase in August, approaching levels seen before the Middle East conflict impacted living costs. Despite the rise, economists note that households remain nervous about the general economic outlook and their personal financial situations.
Why it matters
Consumer sentiment indices are key indicators of economic health and household financial stability in the face of global inflationary pressures.
Consumer sentiment rose slightly in August to close to the level it stood at before the Middle East conflict stoked concerns about the cost of living, a survey showed.
The Credit Union Consumer Sentiment Survey rose to 63.2 from 61.6 in July.
The index stood at 65.2 in February before dropping to a 40-month low of 53.3 in April following a sharp rise in fuel costs as a result of the conflict.
While the improved reading remains well below the long-term survey average of 83.1, the index has averaged a subdued 64.1 over the last five years, even as the economy has continued to grow strongly.
"This suggests this pressure (on consumers) is sustained as well as substantial," the survey's authors said.
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