Electricity prices fell by 41.4% since December 2022 but the price of animal feeds rose over the 12 months to January of this year by an estimated 15%, according to latest figures from the Central Statistics Office (CSO).

The CSO Wholesale Price Index for January also showed some "notable" changes in producer prices for food products in the 12 months to 2023. These included:

Dairy products, which rose by 26.6%;
Fruit and vegetables, which rose by 19.1%;
Fish and fish products, which rose by 17.1%; and
Grain, milling, starches and animal feeds, which rose by 15.0%.

According to CSO statistician Jillian Delaney, the "all materials index" for construction products also showed an increase of 0.6% last month but a more significant 15.5% increase over the year.

"Notable" annual increases in construction products included:

Structural steel fabricated metal, which increased by 73.1%;
Plaster, which increased by 41.0%;
Plumbing materials, which increased by 30.6%;
Ready mixed mortar and concrete which increased by 29.9%;
Cement, which increased by 24.1%;
PVC pipes and fittings, which increased by 20.7%.

One of the most significant trends identified by the CSO in its latest wholesale price index was the decrease in the price of wholesale electricity in January 2023, with prices 41.4% lower than the previous month.

"The price of electricity was 19.5% lower than in January 2022. The overall energy products index decreased by 36.7% since December 2022 and by 15.7% when compared with January 2022," the CSO said.

Although this drop in electricity prices will have brought some relief on the input costs front for farm families, the impact of inflationary pressures, particularly in relation to both on-farm and general farm family daily costs, continue to create pressure.

Earlier this month the CSO said that the price of household staples including milk, butter and eggs had seen a dramatic rise between January 2022 and January 2023.

According to Anthony Dawson, statistician in the CSO prices division, the latest Consumer Price Index (CPI) shows that prices for consumer goods and services in January 2023 increased by 7.8% on average compared to January 2022.