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Consumer prices fall 1.5% in year to October – CSO

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.

Article Source: Consumer prices fall 1.5% in year to October – CSO – RTE

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