Producer prices for food products have reached their lowest level in almost two years in November 2023, according to latest figures by the Central Statistics Office (CSO).
In the 12 months to November, producer prices for food products dropped by 8.8%, the recently published CSO Wholesale Price Index for November 2023 shows.
Producer prices for dairy products fell by 35% over the 12-month period. Vegetable and animal oils and fats were down by 8.2%, while producer prices for fish and fish products rose by 9.3%.
Food products
Producer prices for food products fell by 1.4% in November, which comes after a previous monthly fall of 1.1% in October, CSO statistician in the prices division, Jillian Delaney said.
The Industrial Producer Price Index refers to a family of indices that measure the average change over time in the selling prices received by domestic producers of goods and services.
“Food products prices on the wholesale market were lower in November 2023 than at any time since December 2021.
“Producer prices for dairy products remained unchanged since October 2023 but were down by 35% since November 2022,” Delaney said.
CSO
Wholesale electricity prices decreased by 2.1% in the month to November 2023 and were 14.1% lower in the 12 months to November 2023, according to the CSO.
Wholesale price inflation showed a decrease in November 2023 with a drop of 0.1% in the overall Producer Price Index for manufacturing industries in the month.
Producer prices for products sold on the domestic market were 3.7% lower in November than last year, with export producer and overall producer prices up by 1.6% and 1.4% respectively.