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Inflation rate falls

February 16, 2011

By Staff Reporter

DUBLIN — Big interest rates cuts prior to entry into the Eurozone pulled down the Irish rate of inflation during December, according to figures from the Central Statistics Office.

Prices fell by 0.1 percent to bring the annual rate to 1.7 percent,

almost half the 3.2 percent recorded during August.

The most significant fall during the month was housing costs which

came down by 4.6 percent due to lower mortgage interest rates.

Lower oil prices brought fuel and light down by 0.5 percent and

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transport down by 0.1 percent.

The cost of food rose due to increases in beef, poultry and potato

prices.

The CSO figures show that Ireland’s annual inflation rate in November at 2.2 percent was more than twice the Euroland average of 0.9 percent and the second highest in the 11 countries with only Portugal with 2.5 percent being worse off.

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