Wholesale price index rises in May

The price of goods leaving factory gates rose in May, the Central Statistics Office (CSO) said today.

According to the CSO's latest wholesale price index, manufactured goods prices rose by 0.8 per cent in May to bring the annual percentage change to 3 per cent lower when compared with May 2007.

Consumer price inflation was 4.7 per cent in May, up from 4.3 per cent in April as rising food and energy prices combined with rising mortgage interest costs.

By category, the most significant changes in the month were increases in the cost basic chemicals, up 1.1 per cent and a 1.9 per cent rise in meat and meat products.

Prices of office machinery and computers rose by 1 per cent.

Over the year, office machinery and computer prices have fallen 14.3 per cent while chemical prices are down 5.3 per cent. Meat prices have risen 8.7 per cent in the 12 months to May.

Strong oil prices have seen the cost of bituminous materials rise 18.8 per cent. This product is used in the tar for road surfaces. Year-on-year the price of petroleum fuels has risen 35 per cent.

Last month energy product prices rose 2.8 per cent and petroleum fuel prices grew by 9.3 per cent.

The rise in raw materials over the last year is reflected in the 16.9 per cent rise in structural steel prices with a similar rise for reinforced metals.

Overall building materials prices were just 0.7 per cent ahead in May this year.