Inflation rate dips to 2.2%

INTENSE competition in the retail sector helped push the annual rate of inflation down to 2.2% despite a post January sales 11.2% increase in footwear and clothing prices in February.

The Central Statistics Office (CSO) Consumer Price Index for February, published yesterday, increased by 0.8%, the same as recorded in February of last year. This saw the annual rate of inflation falling from 2.3% to 2.2% between January and February.

Irish inflation as measured under the EU-Harmonised Index of Consumer Prices fell by 0.9% to hit 2% in February in line with the ECBank’s inflation target for the euro area.