Sharp rise in consumer sentiment as Irish households weather Christmas better than feared

Energy credits, social welfare bonus payments and falling energy prices bring level of optimism

Economist Austin Hughes, reacting to the Credit Union Consumer Sentiment Index, said: "A sense that 2023 could prove difficult rather than disastrous for Irish consumers."

Irish consumer sentiment rose sharply in January as falling oil prices, strong economic data and the receipt of energy supports encouraged a less negative view of the economic circumstances of households.

The Credit Union Consumer Sentiment Index, which has tracked household sentiment for the past 27 years, rose from 48.7 in December to 55.2 in January, its strongest level in seven months.