Wholesale electricity prices down nearly 30% compared to last year

Producer prices for food products were down 6.6% in the year to April, with the largest drops seen in dairy products, CSO figures show

Wholesale electricity prices peaked in August 2022. 

Despite a slight increase compared to March, wholesale electricity prices were nearly 30% lower in April compared to the same period last year, new data from the Central Statistics Office (CSO) shows.

Electricity prices increased by 2.1% in April compared to March — the second month in a row where there has been an increase. However, electricity prices are now 77.2% lower than the peak experienced in August 2022.

According to the CSO’s wholesale price index, producer prices for food products were down 6.6% in the year to April. The largest drops were seen in dairy products, down 22.1%, as well as grain milling, starches, and animal feeds, down 5.7%.

However, not all food products prices experienced a decline over the last year. The producer price of fish and fish products increased by nearly 7%.

Domestic producer prices for manufactured goods were on average 2.2% lower in April compared to the same period last year, but producer prices for exported goods were up by 4.2%.

Overall, manufacturing producer prices were 3.8% higher in the year.

The most notable changes in other producer prices in the year to April include chemicals and chemical products, which increased by 23% compared to last year, while beverage prices also increased by 9%.

Wholesale prices for construction products were down by 1.4% over the course of the year.