Wholesale electricity prices fall by 9% as producer inflation shows signs of 'levelling off'

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Wholesale electricity prices have continued on a steep decline following a recent peak in 2022, falling annually by 9.2%. 

Figures released by the Central Statistics Office also reveal monthly price drops in wholesale electricity, decreasing by 1.8% between January and February 2023.

''Wholesale price inflation showed signs of levelling off in February 2023 with no change to the overall producer price index for the manufacturing industries in the month," explained CSO statistician, Jillian Delaney.

Despite continuous falls in electricity pricing, domestic producer prices for manufactured goods rose by over 10% annually in February 2023, with producer prices for exported goods rising by just over 3%.

Similarly, wholesale prices for food also rose, increasing by over 6% year-on-year, with the food products and beverages index up 6.2% compared to this time last year.  

According to Ms Delaney, several food categories were also still significantly higher in February 2023 compared with the same month in 2022.

Dairy products saw an annual increase of just under 24% in wholesale prices, with fish, fruit and vegetables all up by 18.2% in the last twelve months.

Aside from food, wood products rose annually by 22.4%, with materials such as glass, ceramics and concrete up 12% in the same period. Furniture rose by 9.4% since February 2022, followed by clothing which rose by just under 9%.

Wholesale prices for construction products increased by 0.2% in the month and by 14.7% in the 12 months since February 2022.

The price index for export sales was the same as for January 2023, while the index for home sales rose by 0.1% in the month.

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