Consumer sentiment fell for the fourth month in a row in May, new data shows.
The latest consumer sentiment index from the Credit Union reveals that cost of living concerns are still hitting confidence.
"Notwithstanding reasonably encouraging signs of economic growth and a sharp slowdown in inflation, most Irish consumers appear to need much stronger evidence of a broad-reaching improvement to be convinced that the current trajectory of the economy and their household finances is positive rather than problematic," he added.
The report notes that the fall in consumer confidence from February to May followed four successive monthly increases between October and January. "In addition, excluding volatile airfares and package holiday costs, the annualised increase in consumer prices over the past three months is running at around 5%, a notably hotter pace than the 2.6% year-on-year headline figure for April," he added.
On a more positive note, the survey points towards an increase in overall consumer spending throughout this year, rather than a slump or surge at either extreme.This latest survey asked consumers how, or if they could handle an unexpected financial expense costing €1,000.
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