Inflation falls slightly to 5.4% in May

The annual rate of inflation for May has fallen to 5.4 per cent, according to figures released today by the Central Statistics Office. The figure represents a 0.2 per cent drop from April’s 5.6 per cent mark.

The CSO says consumer prices rose 0.6 per cent in May, this compares with a monthly increase of 0.7 per cent in May of last year.

The most significant price rises in May were in housing, up 1.6 per cent; food prices, up by 0.6 per cent; and transport costs, which rose by 1.4 per cent.

The CSO says housing costs rose because ofincreases in private sector rents, mortgage repayments and in the cost of materials for repair and decoration.

While transport costs were up due to higher motor fuel prices and increased insurance premiums.