Interest rate cuts and lower fuel prices push up consumer sentiment 

Economist Austin Hughes said the mood of Irish consumers 'brightened markedly' during this month as falling energy costs, lower ECB rates and several encouraging economic indicators 'prompted a more favourable assessment of the outlook for household finances and the broader Irish economy'

Economist Austin Hughes said Irish consumers seemed more keen to see policies that promised a sustainable positive path for living standards rather than 'large and accordingly less sustainable measures'.

A cut to interest rates and lower fuel prices has led to a material increase in consumer sentiment, but the high cost of energy still weighs on nearly a third of consumers, the latest Credit Union Consumer Sentiment Index shows.

Earlier this month, the European Central Bank cut interest rates by 0.25% — marking the first time since they were increased to try and tackle inflation.