Consumer prices fall for first time since July 2010

Consumer prices fell marginally in the year to February, new data showed today, the first time the annual index has shown a decline since July 2010.

The overall consumer price index was 0.1 per cent lower over the 12 months, the Central Statistics Office showed today.

A fall in the price of communications of 4 per cent helped drag prices lower, with furnishing and house maintenance down 3.6 per cent and clothing falling by 3.4 per cent.

That was slightly offset by a 4.6 per cent rise in education costs, with tobacco and alcohol prices rising 3.3 per cent.

On a monthly basis, prices were 0.5 per cent higher compared with January, down slightly from the 0.8 per cent increase recorded in February 2013. Clothing showed a 5.9 per cent hike over the month, with furnishings and household maintenance up 1.4 per cent.