Wholesale food prices fall for first time in two years

Consumer prices have remained significantly high despite drops in wholesale prices, with Ireland now the most expensive country in the EU

In the month, producer food prices dropped by 0.7%

Annual producer prices for food products have fallen for the first time since June 2021, dropping by 2.4% in the month of May according to latest figures from the Central Statistics Office.

Key food products including vegetable & animal oils and dairy fell by 9.3% and 8.8% respectively, with the overall food, beverage and tobacco index dropping by 1.1% in the twelve months to May 2023.