Wholesale electricity prices were up almost 19 per cent in the year to November, according to the Central Statistics Office (CSO).
However, they were 62.3 per cent lower than the peak that occurred in August 2022.
Energy prices, which had increased significantly in the wake of Covid, spiked after Russia invaded Ukraine in February 2022, reaching a peak in August that year.
Wholesale electricity prices rose by 195 per cent between August 2021 and August 2022, with the wholesale price of electricity peaking at almost €400 per MWh (Megawatt Hour) versus an average of about €38 per MWh in 2020.
The average wholesale electricity price was €112.72 in September.
The faster-than-expected softening of inflation in Ireland and across the euro area has been driven by falling energy prices. Inflation here, as measured by the CSO’s consumer price index, was 1 per cent in November.
The CSO said wholesale electricity prices were 18.2 per cent higher month-on-month in November. Domestic producer prices for manufactured goods were on average 1.2 per cent higher in November when compared with a year earlier, while producer prices for exported goods were up by 2.3 per cent, the agency said.
Overall, manufacturing producer prices were 2.1 per cent higher in the year, it said.
Some of the most notable changes in producer prices for food products over the 12 months to November 2024 were: dairy products (+9.8 per cent), bakery and farinaceous products (+3.5 per cent), and grain milling, starches and animal feeds (-3.8 per cent).
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