Wholesale electricity prices up 42% compared to last year

According to the CSO, the wholesale price of all energy fuels were up by 24.5% annually. 

Wholesale electricity prices in June were up 42% compared to the same period last year as the war in the Middle East caused prices to surge, new data from the Central Statistics Office (CSO) shows.

Following a significant spike in oil and gas prices after the US began attacking Iran in late February, prices began to fall across much of June as a ceasefire was agreed by both parties.

Brent crude oil prices, a global benchmark, saw prices drop to around $67 (€58.74) a barrel by the end of the month. At their peak in early May, the price of oil reached over $114 a barrel.

Gas prices also saw a decline. The Dutch TTF Natural Gas Futures one month contract declined to around €43 per megawatt hour (MGH) down from a peak of just under €61 per MGH in mid-March.

This is reflected in wholesales prices which shows that electricity prices are down 6.2% compared to May while petrol and diesel wholesale prices are down 3.7% and 5.6% month-on-month, respectively.

However, petrol and diesel prices are still 3.6% and 5% higher compared to the same period last year with Government support helping households deal with the higher prices.

According to the CSO, the wholesale price of all energy fuels were up by 24.5% in the year to June but down by 9% month-on-month.

While energy prices declined during June compared to the previous, prices are likely to start increasing again as a result of renewed hostilities in the Middle East over recent weeks. Brent crude oil prices are now over $94 a barrel with the latest gas pricing just under €60 per MGH.

In terms of the other components of the wholesale price index, domestic producer prices for manufactured goods were on average 4.1% higher in June 2026 compared with the same month last year while producer prices for exported goods were up by 3.4%. Overall, manufacturing producer prices were 3.5% higher year-on-year.

In terms of food products, producer prices increased by 2.9% over the 12 months to June while the food products, beverages, and tobacco index was up by 2.4%.

Among the most significant increases was seen in fish and fish products prices for which increased by 8.6% with “other food products” increased by 5.4%. Most of the increase in food producer prices was due to these two categories as fruit and vegetable prices saw no increase year-on-year while meat prices declined by 0.2%.

Outside of food producer prices, chemical and chemical product prices were up 11.9%, while other non-metallic mineral product prices were up 5.9%, and fabricated metal products were up 5.7%.

In the construction sector, the building and construction index — which includes materials and wages — was 3.2% higher compared to June last year. Construction product prices were up 3.1%.

Interest rates

These figures come as the European Central Bank is due to meet on Thursday to discuss whether to increase interest rates further. 

However, it is largely expected that rates will be kept the same as recent measures of inflation across the eurozone are not as high as previously expected.

Eurozone annual inflation was running at 2.8% in June, down from 3.2% in May. 

In Ireland, headline inflation stood at 3.4% annually in June, down from 3.6% in June.