In a significant economic development, the rate of inflation has dropped below 5%, marking the first time in over two years. According to data released by the Central Statistics Office (CSO), prices rose by 3.9% in the year leading up to November, a notable decrease from the 5.1% reported in the 12 months to October.
The most substantial price hikes were observed in recreation and culture, surging over 7%, with restaurant and hotel prices also experiencing a notable 7% increase. On the flip side, there was a noteworthy reduction in prices for essential commodities such as electricity, home heating oil, gas, and coal.
This development brings relief to consumers who have been grappling with rising prices in various sectors. The decline in inflation suggests potential stability in the economic landscape, offering a positive outlook as we approach the year-end. Analysts are closely monitoring these trends for their implications on future economic conditions.