Wholesale electricity prices plunge by more than 72% from peak

In its latest Wholesale Price Index, the CSO also highlighted that electricity prices have plummeted by almost 41% since June 2022

Stabilising wholesale prices may cast doubt on whether the Government will announce further energy credits for households in the upcoming October budget. Picture: Chani Anderson

Factory gate electricity prices declined 8% in annual terms, but remained unchanged in June compared to the previous month, according to figures from the Central Statistics Office (CSO).

Stabilising wholesale prices may cast doubt on whether the Government will announce further energy credits for households in the upcoming October budget.

In its latest Wholesale Price Index, the CSO also highlighted that electricity prices have plummeted by 72.2%, when compared with the peak that occurred in August 2022, after Russia invaded Ukraine and caused chaos for energy markets.

Meanwhile, producer prices for food products crept up slightly last month compared to May but fell 4.4% compared to June 2023.

Producer prices for exported goods increased by 2.9% in the year, while overall manufacturing producer prices were 2.8% in the same period.

Elsewhere, chemicals and chemical product prices surged 23.2% annually.

There wasn’t much change in factory gate prices for construction products, which may continue to put pressure on housebuilders amid demand for housings.

Wholesale prices for construction products ticked upwards slightly by 0.3% in the month to but were marginally by 0.1% since last June.