Muted Irish consumer sentiment edged slightly higher for the second successive month in November on falling energy prices and growing hopes that interest rates may have peaked, a recently published survey found.
Rebounded From A Six-Month Low
The Credit Union Consumer Sentiment index rose to 61.9 from 60.4 in October, when it rebounded from a six-month low.
The index stood at 77 in February 2022, before Russia's invasion of Ukraine, and dropped to a 14-year low of 42.1 in September 2022 amid a cost of living crunch, the data indicated.
Speaking on the release of the October data and analysis, David Malone, CEO of the Irish League of Credit Unions, noted, "The special question in the November Credit Union Consumer Sentiment survey suggests that Christmas remains a challenging time financially and emphasises the importance of the support network provided by credit unions."
Ireland's economy was still the fastest growing in the euro zone last year, although momentum has slowed down this year and the economy is expected to grow at a similar pace next year, the research showed.
"It may be that small improvements in confidence in each of the past two months at least tentatively point towards the possibility of a more positive trend in Irish consumer sentiment and spending over end-year and into early 2024," the survey's authors said.