Wholesale electricity prices last month were 36% lower compared to October 2021, according to the Central Statistics Office (CSO).

The Wholesale Price Index October 2022 report, published today (Tuesday, November 22), also shows that wholesale electricity prices were down by 52% on September.

Jillian Delaney, CSO statistician, said that this followed a previous monthly drop of 27% in September.

“Electricity costs on the wholesale market are now lower than any time during the past 12 months, and 36.6% lower than in October 2021. The last time that prices were lower than the current rate was in August 2021,” she said.

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However, producer prices for food products increased by 9.4% in the year to October, the report stated.

Producer prices for dairy products rose by almost 51% in the 12 months, while fish and fish products increased by 20.5% on October 2021.

The CSO said that fruit and vegetables producer prices were up 16% and there was a 14% jump for grain milling, starches and animal feeds.

The report shows that domestic producer prices for manufactured goods were on average 10.3% higher in October 2022 compared with a year earlier, while producer prices for exported goods increased by 7.7%.

Wood and wood products increased by 30%, non-metallic mineral products including concrete, cement, stone and glass rose by 18% and rubber and plastic products were up 13% in a year.

Wholesale prices for construction products increased by 1.3% compared to September and rose by 16% in the 12 months since October 2021.

Steel and fabricated metal increased by 56%, ready mixed mortar and concrete was up 32% and plaster increased rose by almost 27%.