Consumer confidence eroded by surge in the cost of living

The positive mood in January has been upended by inflation and the continuing Russia-Ukraine crisis

Fresh concerns over inflation and the rising cost of living, including energy and fuel prices, has hit consumer confidence, with many people expected to row back on spending plans.

Surging price inflation and concerns over the impact on energy costs from the escalating Russia-Ukraine crisis have eroded Irish consumer confidence, new research shows.

The recovery in consumers’ mood seen in January has reversed in February to the extent that savings built up during the pandemic restrictions in the past two years may not deliver a previously-expected consumer spending boom this year.