Irish consumer prices have fallen in 2016


New figures released by the Central Statistic Office (CSO) show that consumer prices in October were 0.3% lower than one year ago.

The biggest price drops have been in furnishings, household equipment and maintenance (-3.8%), communication costs (-2.7%) clothing and footwear (-2.6%) and cultural recreational costs (-2.4%.).

However, alcohol and tobacco prices rose by 2% - as did restaurant and hotel costs.

The 'alcohol and tobacco' sub index rose due to higher prices for cigarettes as a result of an increase in excise duty - alcohol prices are down by 2.9% year-on-year according to the CSO.

How Irish price inflation compares to the EU average (charted in lighter blue)

The EU Harmonised Index of Consumer Prices (HICP) fell by 0.4% compared with October 2015.

It followed similar trends to the Irish numbers, with household furnishing and expenses down by -3.8%, clothing down -2.6% and communication costs fell by -2.6% - while restaurant and hotel charges were 2.1% higher and alcohol and tobacco cost 2% more.

Joseph Conroy - Newstalk

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