Fall in wholesale energy prices not enough to deter ECB from hiking rates, says expert

'The energy component of inflation here and everywhere is declining sharply. But that will not be sufficient to deter the European Central Bank from doing what I think it’s going to do,' said economist Jim Power.

The Central Statistics Office (CSO) Wholesale Price Index showed the overall Energy Products Index decreased by 33.5% in June, driven by warmer weather.

New figures for Irish factory gate prices showed annual electricity prices fell by almost 36% in June, reflecting similar drops across Europe, but the declines will not be enough to stop interest rate hikes, an expert has said.

The Central Statistics Office (CSO) Wholesale Price Index showed the overall Energy Products Index decreased by 33.5% during the same period, driven by warmer weather.