Consumer prices fell at their fastest rate in a decade in October, with prices down 1.5% compared to the same month a year ago, new figures from the Central Statistics Office show today. 

The rate of inflation here has dropped on an annual basis for seven months in a row since restrictions to stop the spread of the coronavirus were brought in.

Prices were 0.6% lower month-on-month in October as new restrictions were introduced, the CSO said.

Today's figures show that on an annual basis, transport costs fell by 4.3% mainly due to a reduction in air fares and lower prices for diesel and petrol. This decrease was partially offset by an increase in the cost of cars.

The CSO also said that housing, water, electricity, gas and other fuels decreased due to a fall in the price of home heating oil, lower rents and a fall in the cost of gas. This reduction was partially offset by an increase in the cost of electricity and higher mortgage interest repayments.

Clothing and footwear prices also fell by 4.4% in October, while the cost of home furnishings decreased by 4%.  

However, health costs rose mainly due to an increase in the cost of medical and dental services and higher prices for pharmaceutical products.