Wholesale electricity prices rose by 45.1% from July to August as soaring energy bills continue to pile pressure on businesses.
The soaring cost of electricity comes as consumers face a growing cost of living crisis and fears of further hikes in their energy bills this winter.
This morning, Flogas Energy announced its third price hike this year, with electricity bills increasing by 17% and gas bills rising 23% from October 26.
The figures from the Central Statistics Office (CSO) reveal that the European energy crisis caused by Russia's invasion of Ukraine is having a significant impact in Ireland. Wholesale electricity prices were 194.9% higher compared to August last year.
Large increases in the revenues of energy companies and soaring energy bills for households have increased demand for a windfall tax levied against the profits of energy companies.
The high rates of inflation are also driving up the prices of manufactured products. On average, domestic producer prices for manufactured goods were 10.5% higher in August compared to the same month last year, while producer prices for exported goods rose by 4.4% on an annual basis.
Producer prices for food products rose by 9.2% year-on-year, with significant annual increases recorded in dairy products, up 53.9%, fish products, rising 20.4% and meat products, climbing by 11.6%.
Producer Prices for dairy products rose by almost 54% in the year to August 2022https://t.co/RZux8tKvlE#CSOIreland #Ireland #Wholesaleprices #Prices #Business #BusinessStatistics #IrishBusiness pic.twitter.com/qw4uudDGjO— Central Statistics Office Ireland (@CSOIreland) September 23, 2022
Large annual increases in were also recorded in producer prices, with the cost of wood products increasing by 33.9%, the price of basic metals rose by 25.7%, and mining and quarrying prices were up 21.5% on an annual basis.
Meanwhile, wholesale prices for construction products fell by 0.1% on a monthly basis but rose 17.8% in the year.
Edel Flannery, senior statistician in the prices division at the CSO, said: "Producer prices in several food categories were significantly higher in August 2022 compared with the same month last year."
"Outputs from Irish manufacturers also increased in price in several other categories," she added.