Consumer prices last month decreased by 0.1% mainly due to lower airfares and lower diesel and petrol prices.
This compared to an increase of 0.3% the same time last year.
The CSO said there were price increases in the costs of third level education, while consumers also paid higher charges for electricity and gas last month as most utility companies increased their prices.
Transport costs fell by 2.7% last month, while education costs rose by 4.6%, while housing, water, electricity, gas and other fuel prices increased by 1.2%.
Today's figures from the CSO also show that the EU harmonised index of consumer prices (HICP) fell by 0.1% in the month compared to an increase of 0.3% the same time last year. Prices on average, as measured by HICP, were 2.1% higher in October 2011 compared to October 2011.
The CSO said that the biggest changes in the year were increases in education, where costs rose by 6.7%. Transport prices increased by 5.8%, miscellaneous goods and services rose by 5.6% and alcoholic beverages and tobacco prices were up 3.5%.
There was a 3.4% fall in the cost of communications, while housing, water, electricity, gas and other fuel prices fell by 3.3%.
Furnishings, household equipment and routine household maintenance prices eased by 2.7%.
NCB Chief Economist Philip O'Sullivan said that while October's decline in the rate of inflation was good news for households, he believes this respite is unlikely to endure given announced hikes in transport and mortgage interest costs. He said this will put upward pressure on the inflation rate over the coming months.
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