New figures from the Central Statistics Office show that the household saving rate stood at 10.6% in the second quarter of 2023, up slightly from 10.3% in the first quarter of the year.
The CSO noted that this marked the third successive quarter in which the savings rate has been in the 10-11% range.
It had declined from its Covid pandemic peak of 32.5% over 2021 and for most of 2022.
The CSO said that averages wages are rising but not as fast as inflation. But with more people in work, as well as other factors such as investment income means total household disposable Income is keeping ahead of price rises.
It said that inflation led to more household spending, but there was also greater volume of consumption of goods and services in the quarter. Household Consumption was higher in the hospitality sector, and the volume of cars sold also increased.
Today's figures also show that the Government surplus was €2.3 billion in the three month period from April to June, almost €1 billion more than the same period last year.
It was boosted by the €15.5 billion in income and wealth taxes, the highest of any second quarter of a year, the CSO added.
