Producer prices for dairy products have fallen by 9.2% in the 12 months to July 2024, according to latest data published by the Central Statistics Office (CSO).
This latest drop in prices follows a 13.9% decline in the 12 months to June 2024. In the month to July, however, producer prices for dairy rose by 3.4% when compared to the previous month.
Producer prices for other food products also saw notable changes over the past year, with prices for grain milling, starches and animal feeds down by 4.9%, while fish and fish products prices rose by 7.8%.
Vegetable and animal oils and fats recorded a 1.4% decline, while producer prices of meat and meat products fell by 0.1% in the 12 months to July 2024, CSO figures show.
Meanwhile, wholesale electricity prices increased by 3.0% in the month to July 2024 and were 15.3% higher than in July 2023. However, prices were 58.5% lower than during July 2022.
Wholesale prices for construction products were up by 0.1% in the month to July 2024 and were up by 0.5% in the 12 months since July 2023. Notable annual changes in construction products include:
- Sand and gravel: 8.1%;
- Rough timber (hardwood): 8.1%;
- Concrete blocks and bricks: 6.1%;
- Reinforcing metal: -10.0%;
- Bituminous emulsions: -9.3%;
- Structural steel fabricated metal: -8.4%.
Data published by the CSO this week also show that inflation stood at 1.1% in August, driven primarily by a fall in energy prices. Core inflation, which excludes energy and unprocessed food, remained stable at 2.3%.
Flash estimates of inflation from the EU Harmonised Index of Consumer Prices (HICP) for Ireland for August 2024 indicate that inflation is now at its “lowest rate” since April 2021, Minister for Finance, Jack Chambers said.
The EU HICP for Ireland is estimated to have increased by 1.1% in the 12 months to August 2024 and risen by 0.1% since July 2024. This compares with HICP inflation of 1.5% in Ireland in the 12 months to July 2024, the CSO said.