Inflation drops to lowest level in four years

INFLATION fell to its lowest level in nearly four years in September.

According to figures published by the Central Statistics Office yesterday, September’s Consumer Price Index fell from 3.2% in August to 2.9%, the lowest annual CPI reading since November 1999.

Economists said a slowdown in the price of food and motor insurance were the main reasons for the decline. Austin Hughes, chief economist with IIB Bank said the September figures show inflation is benefiting from a price war between food retailers.