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Slight fall in inflation rate for March

Shoppers - Figures show growth in consumer confidence
Shoppers - Figures show growth in consumer confidence

The annual rate of inflation fell slightly last month, according to the latest figures from the Central Statistics Office.

Inflation decreased from 2.2% in February to 2.1% in March.

On a monthly basis clothing and footwear rose 3.4% due to a recovering in prices after the winter sales.

Housing, water, electricity, gas and other fuels rose 0.7% due to increases in mortgage payments, home heating oil and local authority rents.

Restaurants and hotels were up 0.5% due to higher accommodations costs and increased prices for eating out.

Food and non-alcoholic drinks fell 0.8% due to decreases across a range of items including potatoes, pork, sweets, chocolate, fresh fish and breakfast cereals.

Separately, new figures show there has been a growth in consumer confidence. The IIB Bank and ESRI index shows consumers are more positive in their outlook. The index rose from 99.5 in February to 104.2 in March.

IIB Bank economist Austin Hughes says the rebound shows the economy is clearly improving.