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Cost of living down 5pc in a year

The cost of living fell by 5pc last year, official figures have revealed.

The fall in the prices of goods and services was driven mainly by cheaper housing, water, heating and fuel while bargain hunting consumer also made savings in High Street clothes shops.

Government cuts on alcohol excise duty in the December Budget also helped keep the cost of living down.

The Central Statistics Office said transport became cheaper due to lower asking prices for new and second-hand cars.

PA Media