Wholesale electricity prices jump 19.2% in March

Prices remain significantly below the 2022 peak in the wake of the Russian invasion of Ukraine

Wholesale electricity prices remain 2.4% below those of a year ago.

Wholesale electricity prices in Ireland rose by 19.2% in the month to March but were 2.4% lower than the same period last year.

New data from the CSO also shows the price index for all energy fuels rose by 4.6% in March and was up by 6.5% over the past year.

There are ongoing fears that the conflict in the Middle East will add to the cost of electricity for homes and businesses, leading to increased overall inflation.

However, the CSO data said that despite the sharp monthly rise in March, electricity prices are still almost 70% lower than the peak experienced in 2022 in the wake of the Russian invasion of Ukraine.

The CSO said the overall wholesale price inflation showed an increase in March, with 3.1% growth in the overall Producer Price Index for manufacturing industries.

Producer prices for food products fell by 1.6% in the 12 months to March, while the Food Products, Beverages & Tobacco Index was down by 1.7%.

The CSO index, which tracks the cost of construction materials, recorded a 0.1% rise in March and a 1.7% increase over the past 12 months. The price of items like ready-mix mortar and concrete jumped 7.7% while electrical fittings fell by 5.6%.