Wholesale electricity prices tumble, providing some hope for utility bills

However, the CSO figures also show that wholesale price inflation for a wide range of goods persists across the economy

A large share of the power generated on the Irish grid comes from gas-powered stations, but the picture is complicated because wholesale electricity prices in Ireland also depend on the amount of wind generated by turbines, which rises during the autumn and winter months. 

Wholesale electricity prices tumbled by almost 37% in October from a year earlier, Central Statistics Office figures show, providing hope that utility bills paid by households and businesses could start to fall in the coming months. 

The CSO didn't highlight the reasons for the fall in electricity prices, but they appear to reflect the large retreat from the record levels hit during the summer in futures markets that determine the prices for European wholesale gas.