Wholesale electricity prices fell by 24.2 per cent last month when compared with the same period last year, new data from the Central Statistics Office (CSO) shows.
The price was 67.2 per cent lower when compared with the peak that occurred in August 2022 in the wake of Russia’s invasion of Ukraine. It was, however, up 17.1 per cent compared with December.
The price index for all energy fuels was down by 8.2 per cent year on year, but up 0.7 per cent in the month. The overall energy products index was down 20.9 per cent in the year and up 12.7 per cent in the month.
While wholesale prices have softened considerably over the past 12 months, retail prices for consumers remain elevated.
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Flogas, SSE Airtricity, Bord Gáis Energy, Pinergy and Energia have all increased electricity prices by between 10 per cent and 15 per cent on average, which will add about €200 to the average annual bill for their customers.
The CSO’s wholesale price index for the month also shows producer prices for food products fell by 2.3 per cent in the year and by 0.2 per cent since December.
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Some of the most notable changes in the year were for fish and fish products, where prices went up 5.4 per cent, while the prices of vegetables and animal oils and fats came down by 16.2 per cent.
Elsewhere, domestic producer prices for manufactured goods were on average 0.6 per cent higher year on year, while producer prices for exported goods were down by 5.9 per cent.
Overall, manufacturing producer prices were 5.2 per cent lower in the year.
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The price index for export sales was up by 1.5 per cent since December, while the index for home sales was up by 0.3 per cent in the month.
Producer prices for products sold on the domestic market were 0.6 per cent higher compared with 12 months earlier, while export producer prices fell by 5.9 per cent over the same period. Overall producer prices were down by 5.2 per cent.
Meanwhile, the price of construction products increased by 1.5 per cent over the year and by 0.7 per cent since December. The building and construction index, which covers materials and wages, was up by 2.4 per cent in the year and 0.4 per cent in the month.
Chemicals and chemical products went up 21 per cent, while pulp, paper and paper products increased by 4 per cent. The price of fabricated metal products, which don’t include machinery or equipment, increased by 3.1 per cent.
