New figures from the Central Statistics Office show that consumer prices fell by 0.5% in May compared to the same time last year - a five year low.
The CSO said that clothing and footwear prices fell by 5.4% on an annual basis in May due to sales, while transport costs decreased mainly due to lower prices for petrol and diesel.
Costs for housing, water, electricity, gas and other fuels also fell by 2.7% mainly due to a reduction in the price of home heating oil, electricity and gas. This reduction was partially offset by higher mortgage interest repayments and rents, the CSO noted.
However, May also saw increases in health insurance premiums and an increase in the price of articles and products for personal care.
