Consumer boost as global currency movements cause energy prices to fall

CONSUMERS will be pleased that global currency movements continue to push down energy prices, according to the latest Bord Gáis energy index.

This Irish-specific index, designed to measure the prices in the wholesale energy markets, fell by 2% in August to 108, the first time the index has dropped out of the 110-112 range since April. The index is made up of the key energy commodities of oil, gas, coal and electricity.

The index notes that the price of oil fell from $78 a barrel to $74 in August, while the price of natural gas fell by 7% due to reduced storage injections in Britain.