According to the consumer price index, Irish consumer prices fell 0.3% in July compared with July 2007, when prices rose 0.3%. As a result, the annual rate of inflation fell to 4.4%, down from 5% in June.

The most significant monthly price changes were decreases were seen for footwear and clothing (-10.9%), with footwear prices alone falling 9.3%. The annual price decline for footwear and clothing was 5.8%.

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