The annual rate of inflation has fallen to 4.8% in February compared to a five year high of 5.2% in January.
Part of the drop was caused by a dip in prices of petrol and diesel.
In February natural gas fell 10% after Bord Gáis revised down an earlier hike, while a fall in oil pushed diesel down to 1.4%c while petrol fell to 1.2%.
But despite the fall, our inflation figures remain well ahead of the average across Euro-zone countries.
Mortgage interest repayments were up 0.8% in February, and have now risen 48% in the past 12 months and could climb further.
Rents rose 2.6% in the last month alone and experts say that is because more people can not afford to buy property and are renting instead.
Other rises saw health costs up by 0.5%, while clothing was pushed up by 12% and footwear by 5.6% following the end of the New Year sales.
Groceries were also up 1.1% with pork, beef and cheese all rising, though cereals fell 1.5% and fresh fish was down 1.3%.
Economists say while figures may have peaked the average inflation rate for the year will be 4%.
