Big monthly leap in wholesale prices

 

IRISH WHOLESALE prices rose by 1.3 per cent in July compared to June, according to new figures published by the Central Statistics Office. This monthly increase was unusually large.

On an annual basis, manufacturing prices rose by 4.5 per cent in the year to July. This was the highest annual rate of wholesale price inflation in more than half a decade. In July, the price index for export sales rose 1.7 per cent, while the index for home sales fell by 0.9 per cent.

The most significant price changes recorded last month were in basic pharmaceutical products and preparations, which were up 2.9 per cent; and in computer, electronic and optical products, up 2.1 per cent. Other food product prices, which include bread and confectionary, rose by 1.9 per cent.

The biggest decreases in prices in July were in dairy products, down 2.1 per cent; motor vehicles, trailers and semi-trailers, down 1.1 per cent; and other manufacturing, down 0.2 per cent. Over the year, there was an increase of 5.3 per cent in the price index for export sales and an increase of 1 per cent for home sales.

On an annual basis, computer, electronic and optical product prices increased 10.5 per cent, while other food products rose by 9.7 per cent. Basic pharmaceutical products and pharmaceutical preparations climbed 2.3 per cent on an annual basis.

The biggest decreases in prices on a yearly basis were in dairy products, down 10.7 per cent and other manufacturing, down 0.9 per cent. Building and construction materials prices climbed 3.3 per cent in the year.

Capital goods increased by 1.6 per cent over the 12 months and energy products 1.1 per cent. The monthly price index for petroleum fuels increased by 2 per cent.