Factory gate prices have fallen by 8.4 per cent in the twelve months to October 2003, according to the latest wholesale price index released today.
The index prepared by the CSO also shows that export sales decreased by 10.2 per cent and the index for home sales increased by 0.3 per cent. Whole sale prices fell by 1.1 per cent in October indicating that the inflation outlook remains benign.
The main contributors to the annual fall in product prices were price decreases in office machinery and computers (-13.8 per cent), radio and television equipment (-11.7 per cent) and basic chemicals (-10.9 per cent), while there was an increase in tobacco products (+10.6 per cent).
Building and construction material prices increased by 0.3 per cent in the year since October 2002 while there was a decrease in electrical fittings (-5.4 per cent).