Average prices increase for first time in almost a year

Average prices increase for first time in almost a year

Consumer prices in Ireland appear to have stabilised following several consecutive months of price declines.

The latest inflation figures from the CSO show that average prices increased by 0.4% last month, the first monthly increase since September of last year.

The main reasons for the rise were higher prices for clothing and footwear, higher mortgage repayments, increased air fares and higher petrol and diesel prices.

On an annual basis, prices have fallen by 5.9% over the past 12 months, mainly due to massive falls in mortgage repayments.

This is the same annual rate of decline as that recorded in July, suggesting that the steady decline in prices since the end of last year may be coming to an end.

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