Household spending outpaces inflation showing 'real gain' in consumption

New data from Bank of Ireland indicates a real gain in consumption of approximately 4%

Valentine's Day is likely to have provided a significant boost to florists, with spending typically rising by up to six times the normal daily average during this period. Picture: iStock 

Bank of Ireland customers increased their debit and credit card spending for January, with an acceleration in the pace of household spending growth to 6.1%, the lender revealed. 

That is up from 4.5% in December, with the growth broad-based across various sectors, significantly outpacing the current CPI inflation rate of 1.4%.