June 8, 2017 / 10:21 AM / 6 months ago

Irish inflation rates drops sharply in May

DUBLIN (Reuters) - Ireland’s annual inflation rate fell sharply in May to 0.2 percent from a four-year high of 0.9 percent the previous month, the state statistics agency said on Thursday.

Construction cranes are seen in the Irish Financial Services Centre in Dublin, Ireland April 24, 2017. REUTERS/Clodagh Kilcoyne

Prices fell 0.2 percent in May from the previous month, the first monthly contraction since January, dragged down by lower air fares and petrol prices and a slip in the price of motor insurance, the Central Statistics Office said.

Ireland has been the European Union’s fastest growing economy for three years, but inflation has remained broadly flat over the period.

Reporting by Conor Humphries; Editing by Toby Chopra

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