Wholesale electricity prices fell by 18.5 per cent in October compared with the same period last year, new data from the Central Statistics Office (CSO) shows.
The price was 74 per cent lower when compared with the peak that occurred in August 2022 in the wake of Russia’s invasion of Ukraine. It was, however, up 6.6 per cent compared with the previous month.
The price index for all energy fuels fell by 0.6 per cent in the month and was down by 2.6 per cent in the year. The overall energy products index was up by 4.5 per cent since September but was 14.6 per cent lower when compared with October last year.
While wholesale prices have softened considerably over the past 12 months, retail prices for consumers remain elevated.
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Flogas, SSE Airtricity, Bord Gáis Energy, Pinergy and Energia have all increased electricity prices by between 10 per cent and 15 per cent on average, which will add about €200 to the average annual bill for their customers.
On the flip side, Yuno Energy, PrepayPower and Electric Ireland have announced they are freezing electricity prices for the next few months at least.
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All suppliers have kept their gas prices on hold for now, while Electric Ireland is cutting its gas prices by 4 per cent from November 1st.
Meanwhile, producer prices for food products increased by 4.1 per cent in the year and 0.3 per cent since September. The overall food products, beverages and tobacco index was up by 3.1 per cent in the year.
Some of the most notable increases in producer prices for food products over the 12 months were for dairy products (11.1 per cent) and meat products (6.6 per cent). By contrast, the price of vegetables and animal oils and fats fell by 16.2 per cent.
Deirdre Toher, a statistician in the CSO’s prices division, said wholesale price inflation showed an increase in October with 0.7 per cent growth in the overall producer price index for manufacturing industries in the month.
[ Rising energy and food prices keep Irish inflation rate elevated at 2.7%Opens in new window ]
“The price index for export sales was up by 0.8 per cent since September, while the index for home sales was up by 0.2 per cent in the month,” she said.
“Producer prices for products sold on the domestic market were 1.2 per cent higher in October compared with October 2024. [Over the same period], export producer prices fell by 4 per cent, while overall producer prices were down by 3.5 per cent.”
Elsewhere the “all materials index for construction products” rose by 0.9 per cent in the year, but decreased by 0.1 per cent in the month.
The building and construction index, which covers materials and wages, was up 2 per cent in the year and unchanged in the month.
The biggest price increases were in copper pipes and fittings (6.5 per cent); plaster (6.3 per cent); ready mixed mortar and concrete (4.7 per cent); and rough timber (4.6 per cent).
The most significant drops in price were in bituminous emulsions (5.8 per cent) and protection and communication equipment (4.9 per cent).
