Biggest drop in cost of living since 1933

THE cost of living experienced its biggest drop in more than 75 years over the past 12 months, according to figures released by the Central Statistics Office yesterday.

Consumers are still paying more for insurance, alcohol and childcare but food, electricity, gas and rent prices have plunged over the last year.

The rate of inflation, which measures the cost of living, has dived by 4.7%, the most since 1933, in the year to the end of May.