Manufacturing prices fall 6.5% annually

Manufacturing prices fell 6.5 per cent in the year to November, new data showed today.

The figures from the Central Statistics Office showed factory gate prices fell 0.1 per cent during the month, compared to a rise of 1.3 per cent in the same month a year earlier.

The latest monthly fall contributed to a widening of the 5.2 per cent decrease in the year to October, bringing it to 6.5 per cent in November.

The most significant changes seen during the year were falls in basic chemicals, which declined 15.9 per cent; office machinery and computers, which fell 7.3 per cent; and pharmaceuticals and other chemical products, which saw a 6.3 per cent reduction. However, there was an increase in the tobacco products sector of 8.4 per cent.

On a monthly basis, meat and meat products saw a 0.6 per cent fall, while food products saw a decrease of 0.4 per cent. The dairy products sector increased 1.1 per cent.

In building and construction, material prices fell 4.5 per cent with a 25 per cent dip in reinforcing metal and 18 per cent in structural steel. Prices were unchanged on a monthly basis.

Prices for energy products have falled 9.5 per cent since November 2008, with petroleum fuels rising 4.4 per cent.

The data also revealed that, on a monthly basis, the price index for export sales was unchanged while the index for home sales fell by 0.2 per cent. This compares to a yearly decrease of 7.7 per cent and 2.0 per cent respectively.