Irish retail sales rose in January, but the increases were the lowest seen for at least a year, according to figures released today by the Central Statistics Office.
The value of retail sales increased by a seasonally-adjusted 5.4 per cent in January 2001 against the previous month.
The annual figure indicated a sharp 7.7 per cent increase in retail sales since January 2000, but this was down from 10.2 per cent in December and the slowest rate of growth for well over a year.
"Overall it's still fairly robust, but there is clear evidence that in the last few months consumers have been retrenching," said Mr Alan McQuaid, economist at Bloxham stockbrokers.
Annual sales growth has fallen back from a 2000 peak of 22.1 per cent in May as Ireland's booming economy has begun to feel the effects of a global economic downturn.
"The US situation and high tech slowdown have both been factors - people might be worried about their jobs," Mr McQuaid said.
Motor sales were the hardest hit, dropping nearly six per cent in the closing three months of 2000 as a nationwide race for cars with '00' number plates ran out of steam.