Consumer sentiment weakened slightly in February, according to the latest consumer sentiment index figures from KBC Bank Ireland and the ESRI.

This was to be expected after post-Christmas sales helped to bring the index to a nine-year high in January. It fell from 101.1 to 96.1 during the month.

The report notes that a fall-off in February is common after the busy festive season. The three month average continues on an upward trend, moving from 92.3 in January to 95.9 in February.

Ciara Morley, research assistant in the economics analysis division of the ESRI warns that the numbers could also reflect a degree on uncertainty regarding the economic outlook for the Irish economy:

"Although the decline in consumer sentiment reflects in part a post-sales effect, it is noticeable that the decline is also driven by consumers becoming more cautious about how they perceive their future financial situation."

She continues, "Despite reductions this month in four of the five indicators underlying the sentiment, consumers are feeling more positive now than they did at the end of 2014 and even more so when compared to this time 12 months ago. Consumers also continue to maintain a positive outlook for unemployment this month."

Austin Hughes from KBC Bank Ireland offered a similar assessment: "The pullback in consumer sentiment in February from January’s nine month high is disappointing but not entirely unexpected. Most Irish consumers are not experiencing a ‘straight line recovery’ where each month sees a clear and progressive improvement in their personal circumstances."