The rate of inflation is now running at -2.6%, which is the lowest level since the third quarter of 1933.
The latest figures from the Central Statistics Office show that consumer prices fell by 2.6% in the year to March - the third month of price falls in a row.
Read the full CSO report
The prices of goods and services are at levels last seen in August 2007.
The biggest factor in this negative inflation has been the rapid decline in interest rates after several ECB rate cuts.
Prices for housing, water, electricity and gas fell by 15.1% in the year, while clothes and footwear prices are down 8.6% and transport costs declined by 6.7%.
The CSO says that services prices fell by 1.7% in the year to March, while goods fell by 3.7%.
