New figures from the Central Statistics Office show that the rate of household saving fell slightly in the last three months of 2023 and in the year as a whole as inflation continued to drive consumption during the year.
Today’s figures show that the Household Saving Rate eased to 10.19% in the fourth quarter of 2023, down a little from 10.47% the previous quarter and the third successive quarter in which the rate has declined.
The CSO said that as spending accelerated faster than incomes, the saving rate fell from 12% in 2022 to 11% in 2023.
Households saved a total of €207m in the last three months of the year and the CSO noted that before adjusting for seasonality or inflation, the last quarter of the year usually sees saving at its lowest level as people’s spending generally increases for the Christmas season.
Today’s figures also show that households added €16.8 billion in saving to their wealth in 2023, compared to €17.6 billion in 2022.
Article Source – Slight fall in household saving at the end of 2023 – CSO – RTE