Surging energy prices have seen the latest Credit Union Consumer Sentiment Index record a reading of 56.7 in March, sharply down on the 65.2 figure for February and the lowest since March 2023. “With motor fuel and heating oil rising rapidly through the March 2026 survey period and global developments suggesting the prospect of substantial increases in electricity and gas prices, Irish consumers appear to be bracing themselves for a major hit to their spending power as 2026 progresses,” he said. “The weakest element of the sentiment survey in March was buying plans, suggesting a notably more cautious and constrained approach to consumer spending in coming months,” Mr Hughes said. Soaring energy pricesBrent crude oil prices, a global benchmark for the cost of oil, was trading at around $107 (€92.85) a barrel yesterday. He said if military action ends soon, and energy markets return to their February pricing, consumer sentiment may move back quickly.

Source: Irish Examiner March 27, 2026 12:10 UTC