Factory gate prices fell 2.7% in the year to April, according to new figures from the Central Statistics Office.
This compares to a 3.1% price decrease in the twelve months to March.
The smaller decrease was fuelled by a 0.5% rise in prices during April, compared to a 0.1% increase in the same month of 2013.
The price of meat and meat products rose by almost 2% during the month, according to the CSO, while other food prices – including bread and confectionery - were 1.3% higher.
The price of basic pharmaceutical products and preparations also rose during the month - up 1.1% on figures for March.
This was offset somewhat by a 6% fall in the price of fish and fish products and an almost 1% fall in dairy product prices.
The price of dairy products was 10.6% higher on an annual basis, however, while wood and wood products were up 10.2% year on year.
Contributing to the annual decline was a 5.3% drop in the price of pharmaceutical products and preparations, as well as a 1.7% decline in computer, electronic and optical products.
Despite rising on a monthly basis, the price of other food products – including bread and confectionery – were 5.2% lower.