Consumer prices were 0.5% lower in May than in the same month last year.
CONSUMER PRICES HAVE dropped for a second consecutive month and were 0.5% lower in May than they were in same month last year.
This means a basket of goods and services that cost €1,000 in May 2019 would have cost €995.11 in May 2020.
According to the Central Statistics Office (CSO) consumer price index for May, the most notable changes in the year were decreases in:
- clothing and footwear (-5.4%)
- communications (-5.3%), furnishings
- household equipment and routine household maintenance (-3%
- housing, water, electricity, gas and other fuels (-2.7%)
There were increases in education (+4.1%), alcoholic beverages and tobacco (+3.5%), health (+2.8%) and miscellaneous goods and services (+2.1%).
The most significant monthly price changes were decreases in transport and clothing and footwear.
The CSO said housing, water, electricity, gas and other fuels fell mainly due to a reduction in the price of home heating oil, electricity and gas. This reduction was partially offset by higher mortgage interest repayments and rents.
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Transport decreased primarily due to lower prices for petrol and diesel. Clothing and footwear fell due to sales.