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CSO reports annual deflation for first time since 1960
Thursday, 12 February 2009
Ireland has experienced annual deflation for the first time since 1960, according to figures published by the CSO today.
The statistics agency says prices fell by 1.7% last month, resulting in annual deflation of 0.1% in the 12 months to the end of January.
The main factors driving the decrease were a 13% fall in the price of clothing and footwear during the January sales.
The cost of housing, water, electricity, gas and other fuels was also down by 7% in the month due to decrease in mortgage repayments and the price of home-heating oil.
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