The annual rate of inflation was 3.9 per cent in the year to November, according to the latest figures from the Central Statistics Office (CSO), falling from the annual rate of 5.1 per cent noted in the year to October.
The updated Consumer Price Index, used to measure inflation from one period to the next, showed November was the first month since September 2021 in which the annual rate of CPI growth was below 5 per cent.
The data showed consumers prices fell slightly in November, decreasing by 0.8 per cent from October.
However, when energy and unprocessed food were taken out of consideration, the annual rate of inflation in November was 5.6 per cent.
The sectors which saw the largest price increases during the 12 months to November were Recreation & Culture (up 7.7 per cent), Restaurants & Hotels (up 7 per cent), and Food & Non-Alcoholic Beverages (up 6.7 per cent).
In contrast, the Housing, Water, Electricity, Gas & Other Fuels, and Recreation & Culture sectors noted the largest price declines, falling 2 per cent and 1.8 per cent respectively over the same period.
The cost decreases seen in the Housing, Water, Electricity, Gas & Other Fuels sector are likely on account of price reductions being announced by energy suppliers following reductions in wholesale energy prices.
