The annual rate of inflation slowed to 5.1% in October, new figures from the Central Statistics Office show. This compares to an annual rate of 6.4% in September.
However, core inflation - which excludes energy and food - rose slightly last month to an annual rate of 6.3%.
The annual rate of food inflation slowed to almost 7% with some items like milk and cheese falling in price while other commodities like sugar continued to rise.
Electricity prices on an annual basis fell last month, the first time this has happened since prices jumped last year. Gas prices and the price of home heating oil also fell.
Mortgage interest repayments are 42% higher than a year ago while rents are almost 7% higher.
Both petrol and diesel prices rose last month but diesel remains just under 5% cheaper than last year.
Air tickets also rose last month and the cost of a package holiday rose too with prices 43.5% higher than last year.
Prices in restaurants rose last month and are just over 7% higher than last year.
Prices for accommodation fell in October but are almost 8% higher than a year ago. Prices in pubs and bars are up just over 7%.
Other services like insurance are all up, with health insurance up over 10% compared to last year. Hairdressing is up almost 8%.
Services inflation overall, when mortgage interest repayments are excluded, is up just over 5% on an annual basis.
Food inflation slows again in October
The rate of inflation in food prices continued to slow down in October, today's Central Statistics Office figures show.
In the 12 months to October, price inflation for food was 6.8%, down from 10.8% a year earlier.
But broken down on a per item basis, prices across most items rose. Bread was up 3.6%, pasta prices rose by 13.1%, while eggs increased by 7.4% and meat was up 4.7%.
Milk prices, which have fallen in recent months, were still 2.6% higher in October this year compared with the previous year.
Meanwhile, the cost of vegetables rose 10.8% and potatoes 12.8%, the CSO said.
Non-alcoholic beverages also rose in price, while coffee prices increased by 9.5% and tea by 8.6%.
