Dairy producer prices in May 2023 have dropped by 8.8% in comparison with the figures from May 2022, according to the latest data from the Central Statistics Office (CSO).
Producer prices for food products fell by 2.4% in the 12 months to May 2023, which included price reductions for dairy products.
Prices for dairy producers were 8.8% lower in May 2023 when compared with May 2022, with producer prices for vegetable and animal oils and fats reducing by 9.3%.
Other food categories were still significantly higher in May 2023 compared with the same month in 2022.
The producer prices for starches and animal feeds increased by 3.9%, with fruit and vegetables seeing a much heavier 17.4% increase in cost.
Jillian Delaney, statistician with the CSO said: “Wholesale price inflation continued to show signs of levelling off in May 2023 with no change to the overall producer price index for the manufacturing industries in the month.”
Output price figures
The manufacturing output price index saw some decreases in agricultural outputs in the 12 months to May 2023.
Dairy products saw a 0.22% decrease in manufacturing output price in the 12 months since May 2022.
For the same period, meat and meat products saw the output price fall by 0.05%.
Motor vehicles, trailers and semi-trailers remained at the same level in May 2023 as in May 2022.
Grain milling, starches and animal feeds saw an output price increase of 0.10% between May 2022 and May 2023.
CSO May 2023 figures
The CSO also revealed that wholesale electricity prices decreased by 16.2% in the month to May 2023 and were 26.6% lower than in May 2022.
Wholesale prices for construction products reduced by 0.8% in the month but rose by 9.1% in the 12 months since May 2022.
The building and construction index (i.e., materials and wages) marginally reduced by 0.4% in the month but increased by 6.3% since May 2022.