Consumer confidence at lowest level since 1996

The ESRI and IIB Bank says consumer confidence is now at its lowest level since they began monitoring the situation in 1996.

The two organisations say their Consumer Sentiment Index fell further in July due to higher interest rates and spending cutbacks by the Government.

IIB Bank chief economist Austin Hughes says the low level of confidence is understandable and shows that consumers are well aware of what it happening in Ireland and throughout the global economy.