Inflation rate falls to 4.3% as prices begin to stabilise

5/8/2008 - 11:43:14 AM

Ireland's inflation rate has fallen significantly over the past month, according to figures published today by the Central Statistics Office.

The CSO says average prices increased by just 0.1% last month, bringing the annual rate of inflation down from 5% to 4.3%.

However, the figure is still well above the EU average of 3.3%.

Economists say the decline last month was caused by the fact that oil prices in particular are not rising as fast as they were last year.

They are also predicting that Ireland's inflation rate will continue to fall during the year, reaching around 3% by the end of 2008.