Rate hikes hitting more than just mortgage holders as consumer sentiment falls

With nine consecutive interest rate hikes, Economist Austin Hughes says Irish consumers are not confident in the ECB's monetary policy decisions

As interest rates rise, research undertaken by the Irish League for Credit Unions suggested that 35% of borrowers did not clear their credit card bill each month. Picture Denis Minihane.

Following a year of aggressive monetary policy, Irish households feel the European Central Bank's (ECB) interest rate campaign is exacerbating living costs rather than helping them, with consumer sentiment falling for the first time in five months.

With gloomy weather reflecting a lull in expectations, The Credit Union Consumer Sentiment Survey for August shows households feel less confident about their own finances as well as the broader economy.