Irish consumers would appear to have become more concerned about the outlook for their finances, the economy and the labour market over the next year. The overall KBC Ireland/ESRI Consumer Sentiment Index declined in September to 52.4. This compares to a figure of 61.4 in August, and a value of 49.6 in September 2009, but remains above the all time low in July 2008 of 39.6. Three out of four consumers expect unemployment to increase over the next 12 months.
The volume of retail sales (i.e. excluding price effects and motor trades) decreased by 1.4% in August 2010 when compared with August 2009, however, there was a monthly increase of 0.2%.
Prices slipped in September by 0.1% compared to the previous month as measured by the CPI, but were 0.5% higher in September compared with September 2009. Sectors where prices are regulated by the Government continued to see upward pressure on prices. The price drop in September was driven by a decline in transport costs, which fell 1.6% as air fares plummeted 29% due to special offers.
Ireland remained in deflationary territory on the basis of the EU Harmonised Index of Consumer Prices (HICP), which excludes items such as mortgage interest. By this measure, Irish prices fell 0.2% compared to August and are down 1% year-on-year. Ireland is one of only two EU countries to be in deflationary territory, the other being Latvia.
Information courtesy of the Irish Tourism Industry Federation (ITIC)
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