Irish consumer sentiment slips on July cost-of-living concerns
Irish consumer confidence edges lower in July as households remain under pressure from living costs. The latest reading stays far below the long-term average, even though it remains above the 40-month low recorded in April after fuel prices jumped amid the Middle East conflict.
Highlights
- Credit Union Consumer Sentiment Survey falls to 61.6 in July from 62.2 in June, staying well below the long-term average of 83.2.
- All subindices—including current conditions, consumer expectations, and the economic outlook—decline slightly in the July survey.
- Cost-of-living concerns, primarily linked to inflation, remain the dominant factor depressing Irish consumer sentiment and outlook according to ILCU CEO David Malone.
July survey points to broad-based weakness
As reported by Reuters, the Credit Union Consumer Sentiment Survey slips to 61.6 in July from 62.2 in June, extending a subdued pattern in household confidence.The reading remains well below the long-term survey average of 83.2. It is, however, above the 40-month low of 53.3 reached in April following a sharp rise in fuel costs linked to the Middle East conflict.
Subindices tracking current conditions, consumer expectations and the wider economic outlook all fall slightly in the latest survey.
Living-cost pressures weigh on outlook
Cost-of-living concerns continue to dominate consumer thinking in Ireland, indicating that inflation-related pressures are still shaping spending sentiment and economic expectations.Irish League of Credit Unions CEO David Malone says concerns about the cost of living continue to outweigh all other economic issues.
Our earlier article on expectations for the Federal Reserve’s next rate decision explained how mixed signals from cooling inflation and continued job strength were keeping markets uncertain about the path of borrowing costs. We also noted that firmer oil prices and renewed geopolitical tensions were adding to inflation risks and complicating the broader economic outlook.
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