New figures from the Central Statistics Office show that consumer prices fell by 0.7% in April compared to the same time last year due to cheaper transport, clothing and footwear and food prices.
On a monthly basis, prices were unchanged in April compared to March, the CSO said.
Today's figures show that transport costs fell by 6% on a yearly basis due to lower prices for petrol and diesel, as well as a fall in airfares and a reduction in the price of cars.
The price of clothing and footwear eased by 4.5% on the back of sales, while food and non-alcoholic prices fell due to lower prices across several products such as meat, vegetables and soft drinks.
However, education costs rose 5% on a yearly basis due to higher third level costs, while prices in hotels and restaurants increased by 1.7%.
Higher rents and the introduction of water charges also led to a 1.7% rise in housing, water, electricity, gas and other fuels.
The CSO said that on a monthly basis, transport costs fell 0.7% due to a fall in airfares, which was partially offset by higher petrol and diesel prices.
April also saw cheaper home heating oil, gas and electricity and lower mortgage interest payments, but rents increased as did motor insurance premiums.
Commenting on today's figures, Merrion economist Alan McQuaid said that despite the strong recovering economy, domestic inflationary pressures in Ireland are likely to remain fairly well contained in the immediate future.
"However, we do expect some pick-up as the year goes on due to higher oil prices, a gradual rise in wages, and the lower euro pushing up import costs," the economist added.
