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Insurance, rent and water charges hit homes – but overall prices drop

THE cost of insurance and rents rose last month, with the introduction of water charges hitting costs household costs.

But despite the sharp increases in these costs for households overall prices were muted in May.

The Central Statistics Office (CSO) said this morning that overall prices were 0.3pc lower in the year to May compared with the same time last year.

The introduction of water supply and sewage collection charges appeared in the consumer price index from the start of the year.

But the CSO said this new charge was offset by falls in mortgage interest repayment costs.

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