Irish consumer prices fall 0.7 percent month-on-month in January

DUBLIN: Irish consumer prices fell at their sharpest monthly rate in two years in January, data showed on Thursday, as a sustained pick up in inflation remained elusive in Europe's fastest-growing economy.

Inflation in Ireland, which last year broke a largely flat three-year stretch by recording growing of 0.4 percent, stood just 0.2 percent higher year-on-year in January following a 0.7 percent monthly fall.

The dip was driven by an 8.2 percent fall in clothing and footwear and a 2.3 percent decline in furnishings, household equipment and household maintenance, the Central Statistics Office said. A Brexit-related fall in the value of Britain's pound against the euro has made imports cheaper in Ireland.