Wholesale electricity prices rise by more than 33% in the last year 

Diesel and petrol prices were also up 12.3% and 7.8%, respectively over the same period

The ESB generating station in Aghada, Co Cork; electricity prices are still down 62.7% compared to the peak that occurred in August 2022. File picture: David Creedon

The wholesale price of electricity has increased by over 33% during May, compared to the same period last year, as the war in the Middle East continue to impact gas supplies, new data from the Central Statistics Office (CSO) shows.

According to the latest wholesale price index, the wholesale price of all energy fuels were up 37% over the last 12 months driven by fuel oil, up 47%, and gas oil, up 35.8%. In addition, electricity prices were up 33.1%.

Electricity prices are still down 62.7% compared to the peak that occurred in August 2022.

Diesel and petrol prices were up 12.3% and 7.8%, respectively over the course of the year.

The push by the US to make a deal to cease hostilities with Iran has led to a decline in oil prices.

Brent crude oil, a global benchmark of oil prices, was trading at just under $80 (€69.81) a barrel yesterday morning.

Prior to the war it was trading around $70 a barrel before peaking at over $114 in early May.

In a bid to increase oil supplies, the US Treasury Department has also issued a general licence for Iran that authorised the production, delivery and sale of crude oil and petrochemical and petroleum products of Iranian-origin into the US through August 21.

The waivers were part of the memorandum of understanding signed last week between Washington and Tehran.

European gas prices on the other hand increased on Monday with warmer weather raising demand for gas to power air-conditioning and cooling systems.

The benchmark Dutch front-month contract was up €0.65 at €42.80 per megawatt hour (MWh) early yesterday.

Prices are likely to strengthen further following news of an explosion at a facility in Qatar’s Ras Laffan Industrial City that could delay the restart of production.

Wholesale price inflation up 1.6% compared to last year

Across the entire index, wholesale price inflation showed an increase of 1.6% compared to last year.

Producer prices for food products increased by 1.3% in the 12 months to May 2026, while the Food Products, Beverages, and Tobacco Index was up by 1.0%.

The largest increase in food prices was seen in fish and fish products which were up 8.9% in the year to May.

Outside of food and energy prices, domestic producer prices for manufactured goods were on average 3.7% higher year-on-year while producer prices for exported goods were up by 1.2%.

Overall, manufacturing producer prices were 1.6% higher.

Chemicals and chemical products saw an increase of 11.9%, while fabricated metal products saw an increase of 4.8%, and basic metals increased by 4.2%.

In the construction sector, wholesale prices increased by 3.1% over the year. The Building and Construction Index, which includes materials and wages, was up 3.2%.

Bituminous macadam and asphalt saw a 15.1% price increase over the year, while prices for copper pipes and fittings, as well as ready mixed mortar and concrete, increased by 8.6% and 8.4% respectively.

According to the Consumer Price Index (CPI), during May the annual rate of inflation stood at 3.6% — down slightly from then 3.7% recorded in April.

Excluding energy and unprocessed food, the CPI grew by 2.9% in the 12 months to May.

• Additional reporting Reuters