Consumer sentiment hits 7 month high in January

The data suggests that consumers had a less negative view of the economic and financial circumstances of households heading into 2023.The report states that this uptick in confidence could be due to a number of factors including the weakening of oil prices, strong domestic economic data and the receipt of fiscal supports.

The author of today's report, Economist Austin Hughes, said he believes the boost in Irish consumer confidence is partly due to the 'less news-focussed' time people spent with family and friends over Christmas.But he pointed out that the January reading is still below the average reading recorded over the past 27 years.

The strongest month-on-month changes were in relation to elements of the survey focussed on household finances, rather than the broader economic situation. "This was likely driven by the very positive news on the 2022 outturn for the public finances, as well as continued low unemployment data during the survey period," Mr Hughes said.

This latest survey contained a number of special questions asking consumers how they expected a number of key economic metrics to develop on a five-year view.

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