Wholesale electricity prices rise by just under 5%

While the Food Products, Beverages & Tobacco index dropped notably, fruit and vegetable prices continue to rise, increasing by more than 13%

Wholesale electricity prices rose by just under 5% in the month compared to September but over 60% lower on an annual basis

Wholesale electricity prices rose by just under 5% in the month compared to September but over 60% lower on an annual basis, new figures from the Central Statistics Office reveal. 

Domestic producer prices for manufactured goods were on average 1.9% lower in September 2023 compared to a year earlier despite continued increases in some food products, while producer prices for exported goods fell by 2.6%. 

Overall, manufacturing producer prices were also 2.6% lower in the year.

Producer prices for food products fell by 8.1% in the 12 months to September 2023, while the Food Products, Beverages & Tobacco index was down by 7.3%.

Some of the most notable changes in annual producer prices for food products were Fruit and vegetables, up 13.4%, Dairy Products, which dropped by 25.6%, and Other Food Products also down by 8.5%.

The most notable changes in other producer prices in the year were Beverages, up more than 8%, Other Non-Metallic Mineral Products which rose by 7.7%, Wearing Apparel, up 6.7% and Wood and wood Products, down 8.5%.

Wholesale prices for construction products decreased by 0.3% in the month to September 2023 but rose by 2.6% in the 12 months since September 2022.

The price index for export sales also fell by 0.9% since August 2023, while the index for home sales fell by 0.6% in the month. 

Producer prices for products sold on the domestic market were 1.9% lower last month compared with September 2022, with export producer prices falling by 2.6% and overall producer prices also down by 2.6% annually.

While wholesale electricity rose in the month, globally, crude oil prices edged lower as investors waited to see if US diplomatic efforts and a trip by President Joe Biden to Israel would prevent the conflict in the Middle East from widening.

On Friday oil prices extended gains and were on track to rise for a second week on heightened fears that the Israel-Gaza crisis may spread in the Middle East and disrupt supply from one of the world's top-producing regions.