Consumer confidence drops by a third as record lows loom closer

CONSUMER confidence fell by a third over the past 12 months despite a rise in January from a four-and-a-half-year low.

The IIB/ESRI Consumer Sentiment Index recorded a reading of 67 last month, down from 93.2 in the same month last year.

The index hit a four-and-a-half year low in December and it could be tested again this month, according to Austin Hughes, chief economist at IIB Bank.