Cost of living falling at fastest pace since 1930s

THE cost of living is falling at the fastest rate since 1933 driven by a 47.5% fall in mortgage interest costs and a 16.4% drop in rent.

Food, clothes, petrol and footwear costs have all fallen over the last year as figures from the Central Statistics Office (CSO) show prices are down 5.9% in the last year.

Ulster Bank economist Simon Barry said prices are likely to drop further in the coming months.