The annual rate of inflation fell to 2.3% in November, according to the latest "flash estimate" from the Central Statistics Office.
This compares to an annual rate of 3.6% in October.
The rate of price increases overall fell last month by 1.1% with energy prices falling by 5.8%.
Energy prices are now 9.9% cheaper than they were compared to November last year.
Food prices, however, rose by 0.3% and are up 6.2% on an annual basis.
Transport costs fell by 1.7% last month and are 0.2% lower than last year.
When energy and unprocessed food prices are excluded, the "core" rate of inflation is estimated to have slowed to 3.9% in November, compared to 4.6% in October.
Today's "flash" inflation figures are from the Harmonised Index of Consumer Prices (HICP), a measure used to compare prices across the EU.
It differs from the Consumer Price Index (CPI) which remains the official measure of inflation in Ireland.
The CPI includes mortgage interest repayments which do not form part of the HICP. The CPI last month was 5.1%, higher than the 3.6% HICP in October.
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November's CPI will be published in two weeks' time.
Minister for Finance Michael McGrath said today's flash inflation figures from the CSO mark the lowest level of inflation since 2021.
The Minister said a fall in actual price levels was seen in the month of November on the back of the reduced cost of energy.
He described it as "very welcome progress in relation to inflation".
The Minister said he is hopeful energy costs for households could fall again in the New Year, but added that wholesale energy prices have been volatile.
The first of the energy credits will kick in next month, he noted.
