Wholesale electricity prices up by almost 68% in January

Despite the hike, electricity prices have fallen by almost 57% when compared with the peak that occurred in August 2022

Producer prices for food products increased by 7.6% in the 12 months to January 2025, while the food products, beverages and tobacco index was up by 6.4%. Photo: Eamonn Farrell/ © RollingNews.ie

Wholesale electricity prices rose by more than 22% in January 2025 and were over two-thirds higher than the same time last year.

New figures released by the Central Statistics Office (CSO) on Friday found that electricity prices have fallen by 56.8% when compared with the peak that occurred in August 2022.

"January saw wholesale electricity prices reach their highest level in over two years, mainly due to higher wholesale gas prices, which rose to around three times pre-energy crisis levels," said Daragh Cassidy of Bonkers.ie.

"Colder than average weather at the start of the year which increased energy demand, the end of the Russia-Ukraine gas transit deal, and a drop in EU gas storage levels, all helped push back up the price of gas."

Mr Cassidy added that any chance of a reduction in household electricity prices, which remain around 70% to 80% above pre-war levels, looks remote in the short to medium term.

"And even if wholesale prices do ease over the coming months, any reduction is likely to be largely wiped out by a rise in fixed electricity costs or ‘grid fees’."

Meanwhile, domestic producer prices for manufactured goods were on average 1.4% higher in January 2025 when compared with a year earlier, while producer prices for exported goods were up by 2.1%. 

Overall, manufacturing producer prices were 2.1% higher in the year.

Producer prices for food products increased by 7.6% in the 12 months to January 2025, while the food products, beverages and tobacco index was up by 6.4%.

Some of the most notable changes in producer prices for food products over the 12 months to January 2025 were dairy products, up 18.6%, other food products, which grew by 8.6%, and meat and meat products, which rose by more than 4%.

The most notable changes in other producer prices in the year to January 2025 were mining and quarrying, up 4.0%, furniture, which increased by 3.5%, chemicals and chemical products, which dripped by 13.7%, and rubber and plastic products, down 3.3%.

Wholesale prices for construction products grew by 0.1% in the month to January 2025 and rose by 1.3% in the 12 months since January 2024.