Figures released by the Central Statistic Office show that consumer prices fell by 0.3 percent in December 2014 when compared with the same month in 2013.

Prices were also down by 0.4 percent since the previous month.

The report says that transport costs fell by 3.8 percent and food and non-alcoholic beverages were 2.6 percent cheaper - but the price of clothing and footwear increased by 2.3 percent.

Education costs were also up by five percent, and the price of miscellaneous goods and services increased by 0.2 percent - this was driven by increases in the prices of motor and health insurance.

Today's figures mean that the annual rate of inflation was 0.2 percent, down on 0.5 percent in 2013 and 1.7 percent in 2012.

Consumer prices across the euro zone fell by 0.2 percent in 2014. This has upped pressure on the European Central Bank to take drastic action to stimulate the European economy. The primary responsibility of the ECB is to ensure price stability in the euro zone, and its target inflation rate is 2 percent.