The cost of living dipped last month, with a drop in transport costs mainly due to cheaper fuel.
Official figures from the Central Statistics Office (CSO) put consumer prices down 0.1% in October but up 1.2% over the last 12 months.
It is the second month in a row the inflation rate has come down.
The CSO said transport costs were down 2.7% in October with air fares and lower petrol and diesel charges the main factor.
The annual inflation rate is now back to levels last seen at the tail end of 2010.
The report said the most notable changes in the year were increases in education, up 6.7% mainly due to third level costs; transport up 5.4%; housing, water, electricity, gas and other fuels up 4.7%; alcohol and tobacco up 3.4%; miscellaneous goods and services up 3.3%.
Falls were recorded in communications, down 3.4%; furnishings, household equipment and maintenance, down 2.7%; and recreation and culture, down 1.1%.