Labour Party Spokesperson on Finance, Joan Burton TD, has welcomed the slight drop the annual rate of inflation from last month’s figure of 5.2%, but has said that at 4.8% it is still far too high.

“Government-imposed price increases are central drivers of the high rates of inflation with utilities and local charges up 9.3% over the year.

“Health costs are also one of the main drivers of inflation with notable increases Doctor and Dentist bills.

Another continuing driver of inflation is the high level of electricity and gas prices in Ireland, due to the excessive price increases that were approved by the Commission for Energy Regulation in late 2006.

“Despite the falling off, Ireland still has the second highest rate of inflation in the Euro-zone after Greece. Government mismanagement of the economy is contributing to the high rates of inflation.