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Inflation falls to 0.6%

Inflation dropped to 0.6 per cent in October compared to the previous month, according to the latest Government figures.

Inflation fell 0.4 per cent from the 1 per cent rate in September.

Consumers in October paid 0.6 per cent more for a standard basket of goods and services than they did at the same time the previous year.

The cost all-items index fell 0.1 per cent between September and October, meaning a basket of goods that would have cost $100 in April of this year, would now cost $100.60.

Savings on fuel and power were the largest contributors to the year-on-year inflation decrease for the second month in a row, falling 10.1 per cent.

The major driver was the cost of electricity.

And transport and foreign travel also contributed, with price declines in the sector of 6.8 per cent year over year.

Lower rise: The rate of inflation fell from 1 per cent to 0.6 per cent in October. The all-items index now stands at 100.6 points, down 0.1 per cent from the September level, which means a basket of goods that cost $100 in April of this year now costs $100.60

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Published December 17, 2015 at 12:16 pm (Updated December 17, 2015 at 12:16 pm)

Inflation falls to 0.6%

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