Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The annual decrease in Irish producer prices picked up speed last month, figures from the Central Statistics Office showed Tuesday.
Producer prices fell 5.2% year-on-year in July, the pace of annual decline accelerating from 0.6% in June. It was the largest annual fall in producer prices since June 2021.
Month-on-month, producer prices were down 2.3% in July, having risen 0.5% in June from May.
The CSO said, wholesale electricity prices fell to their lowest level since June 2021 as they dropped 64% annually in July and declined 18% fall month-on-month. In June, the annual fall was 36%, while the monthly increase was 11%.
Producer price movements for food were mixed. While fruit & vegetable producer prices rose 15% annually, easing slightly from 16% growth in June, prices for dairy products fell by 17% compared to a 13% fall in June. Other food products saw an annual 11% decline in producer prices, compared to a 4.0% fall in June.
The production of beverages was 15% more expensive annually in July, compared to an annual increase of 17% in June.
Producer prices for construction were up 2.2% annually in July, slowed from a 6.5% increase in June. Monthly, they were down 0.4%, compared to change in June.
Copyright 2023 Alliance News Ltd. All Rights Reserved.