New figures released today by the Central Statistics Office (CSO) indicate that consumer prices fell 0.3% from September to October, due in part to cheaper petrol and diesel at the pumps, and also because of more affordable hotel and airfare prices.
Prices had fallen 0.2% the previos month, and consumer prices are now at their lowest since January.
The figures also reveal that transport fell 2.2% and clothing and footwear fell 1.3%.
Financial analysts said today that falling oil prices could pull the economy into a period of deflation next year.