Consumer prices fall 5.7% over year

Consumer prices fell by 5

Consumer prices fell by 5.7 per cent in the year to the end of November, notably due to reductions in the cost of fuel, clothing and household goods.

However, the Consumer Price Index published today shows prices remained unchanged in the month of November, compared to a decrease of 0.9 per cent recorded in the same month last year.

In the full year to November, the most notable changes were decreases in housing, water, electricity, gas and other fuels (-24.7 per cent), clothing and footwear (-13.9 per cent), food and non-alcoholic beverages (-7.6 per cent), and furnishings, household equipment and routine household maintenance (-4.3 per cent).

There were increases in the cost of education (+11.3 per cent), miscellaneous goods and services (+5.4 per cent), alcoholic beverages and tobacco (+2.7 per cent) and health (+2.4 per cent).

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Services prices fell by 6.3 per cent in the year to November, while goods fell by 4.9 per cent.

According to the CSO, the most significant price changes last month were decreases in food and non-alcoholic beverages (-0.8 per cent) and alcoholic beverages and tobacco (-0.4 per cent). Education costs were up by 1.0 per cent and transport was up by 0.8 per cent.

The CSO said the main factors contributing to the monthly change were that food and non-alcoholic drinks fell in price due to lower prices across a wide range of food items.

Also, the cost of alcoholic beverages and tobacco fell due to lower prices for spirits and wine in off-licences and supermarkets, and the impact of the increase in excise duty on tobacco from last year's Budget falling out of the index.

Transport costs rose due to higher petrol and diesel prices and an increase in air fares.

Education rose due to increases in other education and training including adult education and short-term study courses.

The CPI excluding tobacco index for November showed no change in the month and was down 6.2 per cent in the year.

Excluding energy products, the CPI excluding decreased by 0.3 per cent in the month and decreased by 5.9 per cent in the year.

When mortgage interest is excluded, the CPI showed no change in the month and was down by 2.2 per cent in the year.