Wholesale electricity prices fell by 16.2 per cent last month compared with the same period last year, new data from the Central Statistics Office (CSO) shows.
The price was 75.6 per cent lower when compared with the peak that occurred in August 2022 in the wake of Russia’s invasion of Ukraine. It was also down 2 per cent compared with the previous month.
The price index for all energy fuels was down by 6.4 per cent in the year since September 2024, although it rose by 1.1 per cent in the month.
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 increased by 4.5 per cent in September compared with last year, while the CSO’s food products, beverages and tobacco index was up by 3.5 per cent. Food prices were down 0.2 per cent compared with August.
Some of the most notable changes over the 12 months were for dairy products, which went up 11.1 per cent, and meat and meat products, which increased 7.1 per cent. The price of vegetables and animal oils and fats meanwhile came down 16.2 per cent.
Elsewhere, the CSO’s building and construction index, which covers materials and wages in the sector, rose 2 per cent in the year and by 0.2 per cent in the month.
The most notable annual increases were in metal fittings, which rose 7.4 per cent; plaster, which rose 6.9 per cent; copper pipes and fittings, which rose 5.5 per cent; ready-mixed mortar and concrete, which rose 5 per cent; and hardwood, which rose 4.6 per cent.
Deirdre Toher, statistician in the CSO prices division, said wholesale price inflation showed a decrease in September, with a 0.4 per cent decline in the overall producer price index for manufacturing industries in the month.
“The price index for export sales was down by 0.5 per cent since August, while the index for home sales was unchanged in the month,” she said.
“Producer prices for products sold on the domestic market were 1.2 per cent higher in September compared with September 2024.
“In the 12 months to September, export producer prices fell by 3.1 per cent and are at their lowest since October 2021, while overall producer prices were down by 2.6 per cent.”
