The rate of household savings fell in the third quarter of this year to 19% of disposable income, according to data published by the Central Statistics Office today.

This was down on the 20% reported in the second quarter.

This level is still high compared to pre-pandemic savings rates, which were around 10% according to the Central Statistics Office.

Savings rates hit a peak of 33.8% in the second quarter of 2020 at the height of the Covid pandemic.

The standard of living for Irish households, which is total disposable income adjusted for inflation, fell in three of the last four quarters and declined by 0.8% in the third quarter, the CSO also said today.

Household earnings were up but this was outpaced by inflation.

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Peter Culhane, statistician with the CSO said that the saving level remains above its pre-Covid-19 level of around 10% as some of the savings habits developed during the restrictions are maintained.

"Households have generally decided not to spend their savings, but to continue to add to their assets and reduce their borrowing," he added.