Consumer confidence hits two-year high

CONSUMER confidence hit a two-year high last month but analysts caution that this should not be seen as an indication that the economy is getting stronger.

The KBC/ESRI consumer sentiment index hit 64.6 in January from 53.3 in December. This is the highest level since January 2008 but it remains well below its 14-year average of 92.4.

The figures “suggest a clear brightening in the mood among Irish consumers” said KBC Ireland chief economist Austin Hughes who added that there may be a “significant correction in February data as Christmas sales end and Christmas credit card bills arrive.”