CONSUMER PRICES HAVE dropped for a second consecutive month and were 0.5% lower in May than they were in same month last year.

This means a basket of goods and services that cost €1,000 in May 2019 would have cost €995.11 in May 2020.

According to the Central Statistics Office (CSO) consumer price index for May, the most notable changes in the year were decreases in:

• clothing and footwear (-5.4%)
• communications (-5.3%), furnishings
• household equipment and routine household maintenance (-3%
• housing, water, electricity, gas and other fuels (-2.7%)

There were increases in education (+4.1%), alcoholic beverages and tobacco (+3.5%), health (+2.8%) and miscellaneous goods and services (+2.1%).

The most significant monthly price changes were decreases in transport and clothing and footwear.

The CSO said housing, water, electricity, gas and other fuels fell mainly due to a reduction in the price of home heating oil, electricity and gas. This reduction was partially offset by higher mortgage interest repayments and rents.

Transport decreased primarily due to lower prices for petrol and diesel. Clothing and footwear fell due to sales.

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