Prices on average, as measured by the CPI, were 0.6 percent higher in February when compared with the previous month.

Low energy costs mean that prices are still falling on an annualised basis - goods were 0.5 percent cheaper during the month than in February 2014.

The biggest annual drop came in transport costs, down by 7 percent. The cost of clothing and footwear fell by 3 percent due to prolonged-sales and reductions, while food and non-alcoholic beverages were 2.9 percent cheaper.

The cost of 'Housing, Water, Electricity, Gas & Other Fuels' increased during the month, this was driven by increases in rents, and charges relating to water and sewage - this was partially offset by lower mortgage interest repayments and a decrease in the cost of home heating oil.

'Miscellaneous Goods & Services' were also more expensive - primarily due to higher motor and health insurance premiums.