Wholesale electricity prices up 93% as energy costs to rise further next month

According to the CSO, food products also saw a surge in wholesale prices, with dairy products rising by almost 40% year on year

As the EU-wide ban on the importation of Russian oil products comes into effect on February 5th, experts have warned that this is likely to restrict supply even further, putting upward pressure on prices.

Wholesale electricity prices skyrocketed in December, representing a month-on-month increase of over 93%.

Figures released this morning by the Central Statistics Office showed that wholesale electricity prices also increased by over 10% year-on-year, however, energy was not the only commodity to experience significant price hikes.