A decrease in both gas and electricity prices drove the Bord Gáis Energy Index 1 per cent lower in December, as sovereign debt concerns and fear of economic slowdown pushed commodity prices lower.

Ireland did not benefit fully from falls in fuel commodity prices due to the weak euro, according to the monthly index.

Overall, the Bord Gáis Energy Index closed 5 per cent higher in 2011, reflecting higher energy prices last year, as average oil prices reached a 150-year high.

The Bord Gáis Energy Index now stands at 143, which is 5 per cent higher than in December 2010. Growing demand from emerging market economies, as well as concern about supply from the Middle East and North Africa, served to drive prices higher in 2011.