Food prices fall at rates last seen in 1930s

FOOD costs are set to plunge even further over the coming months as prices fall at rates last seen in the 1930s.

Prices are down 6.5% over the last year and fell by 0.4% in September, according to the Central Statistics Office (CSO). The last time prices fell by this rate was in the second quarter of 1933.

A supermarket price war meant food prices dropped 1.3% in the month and are down 6% from a year earlier. Fruit juice is down 12%, biscuits down 7.5%, margarine prices have fallen 10.5% and potatoes are down 9.4%.