Manufacturing prices fall in year to August

The prices of goods leaving the factory gate were 1.3 per cent lower in August than the same month last year, according to figures released by the Central Statistics Office (CSO) this morning.

On a monthly basis the wholesale price index data showed that manufacturing prices in August were 2.2 per cent higher than in July.

A fall in fuel prices in August saw the cost of living ease slightly, bringing the annual rate of inflation down marginally to 4.3 per cent.

The downward move in goods prices In August was assisted by a 2.5 per cent monthly rise in the price for exported products while the index of home sales was up 0.8 per cent.

Prices for basic chemical products were 4.1 per cent higher in the month while the cost of pharmaceuticals rose by 5 per cent.

Prices for meat and meat products were 1.8 per cent lower in August than in July, with an easing in overall food inflation one of the factors behind the fall in the consumer price index. In the year meat products are 9.8 per cent higher and prices for general food products are up 7.8 per cent.

Over the 12 months to August prices for office machinery and computers have fallen by 13.2 per cent.

While the recent drop in oil prices has contributed to a monthly decrease of 7.8 per cent in the price of petroleum fuels, the overall category of energy products has seen a 15.2 per cent rise in prices over the last year.