IBEC: Prices set to fall by 4-5%

Employers' group IBEC today said that the rate of deflation will accelerate during 2009, with average prices likely to fall by between 4% and 5%.

"It is now clear that prices are falling right across the economy, with only three categories of consumer items showing any price increases during the past three months," said IBEC senior economist Fergal O’Brien.