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15/01/2009
Inflation Down Along With Goods
Ireland's inflation rate has fallen sharply in December, according to the latest figures from the Central Statistics Office.
The CSO says the annual rate of price increases was at a very low 1.1% in December, compared to 2.5% in November.
According to the figures, the average cost of goods actually fell by 0.9% during 2008, although the cost of services was up 2.7%.
The news comes following the announcement by the European bank of a 0.5% cut to interest rates, which could mean up to €85 off the saverage mortgage payment.
Average prices were down 1.2% during December, mainly due to falls in mortgage payments, petrol, diesel, home-heating oil and clothing and footwear.
A spokesman for the CSO said: " The main factors contributing to the monthly change were the housing, water, electricity, gas & other fuels falling due to decreases in average mortgage interest repayments and home heating oil. Transport fell due to lower petrol & diesel prices and a decrease in airfares. clothing & footwear fell with lower prices for both."
(DW/BMcC)
The CSO says the annual rate of price increases was at a very low 1.1% in December, compared to 2.5% in November.
According to the figures, the average cost of goods actually fell by 0.9% during 2008, although the cost of services was up 2.7%.
The news comes following the announcement by the European bank of a 0.5% cut to interest rates, which could mean up to €85 off the saverage mortgage payment.
Average prices were down 1.2% during December, mainly due to falls in mortgage payments, petrol, diesel, home-heating oil and clothing and footwear.
A spokesman for the CSO said: " The main factors contributing to the monthly change were the housing, water, electricity, gas & other fuels falling due to decreases in average mortgage interest repayments and home heating oil. Transport fell due to lower petrol & diesel prices and a decrease in airfares. clothing & footwear fell with lower prices for both."
(DW/BMcC)
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