Annual inflation rate drops to 4.8%

The annual rate of inflation decreased to 4.8 per cent in August, according to the Central Statistics Office.

The CSO said prices, as measured by the Consumer Price Index, rose by 0.5 per cent in the month compared to 0.7 per cent in August 2007.

It said this resulted in a drop in the annual rate of inflation last month to 4.8 per cent from 5.0 per cent in July.

Business group Ibec welcomed the fall.

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