World Economy

Irish CCI Lowest Since 2013

Irish CCI Lowest Since 2013Irish CCI Lowest Since 2013

Consumer confidence in Northern Ireland has fallen sharply, according to a new report. Analysis published by Danske Bank on Tuesday, suggested local political uncertainty and high inflation weighted down on people’s confidence levels.

The Danske Bank Northern Ireland Consumer Confidence Index registered a reading of 123 in the last three months of 2017. The bank says that’s the lowest level since 2013, ITV reported. 

Commenting on the latest release of the index, Danske Bank chief economist Conor Lambe, said: “It’s safe to conclude that the factors negatively impacting confidence outweighed the factors having a positive impact. More than a third of survey respondents said that political uncertainty and the lack of a Northern Ireland executive had the largest negative impact on their confidence levels.

“It is clear that people want to see the return of the devolved institutions and so we must hope that the political parties can reach a deal sooner rather than later.”

He added: “The rate of price rises also had a detrimental effect on confidence levels. Some 16% of consumers stated that the impact of high inflation on their household finances had the largest negative impact on sentiment.”

Over 1,000 people took part in the survey in December. Consumers were also asked about their household finances.

Over the next twelve months, Lambe said household spending power was expected to “remain under pressure”. The majority of respondents expected their job security to remain unchanged over the year ahead.

While 8% of people expect to save more over the next twelve months than they did last year, 30% of people think they will save less.

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