Almost 50% dip in electricity prices last month compared to same time in 2022 - CSO

Electricity prices last month (April 2023) were almost 50% lower compared to the same period in 2022. 

That's according to the latest Wholesale Price Index released by the Central Statistics Office (CSO), which found wholesale electricity prices decreased by 13.5% in the month to April 2023, marking a significant dip of 42.5%. 

Commenting on the release, Statistician in the CSO's Prices Division, Jillian Delaney, said: ''Wholesale price inflation decreased in April 2023 with a fall of 1.0% to the overall producer price index for the manufacturing industries in the month. The price index for export sales also fell 1.0% since March 2023, while the index for home sales reduced by 0.2% in the month. 

"Producer prices for products sold on the domestic market are now 7.8% higher than they were in April 2022, with export producer prices falling by 1.2% and overall producer prices falling by 0.7% in the year.

"Producer prices in the Food Products index dropped by 2.2% in the month, but this overall index was still 0.8% higher than in April 2022. While the prices for some food products fell in the month, for example Dairy Products (-2.4%), most food categories were still significantly higher in April 2023 compared with the same month in 2022." 

Notable changes in producer prices for food products over the 12 months to April 2023 include a rise of almost 20% in the cost of fruit and vegetables, and a 15% rise in fish and fish products. 

Meanwhile, wholesale prices for construction products increased by 1.5% in the month and by 11.7% in the 12 months since April 2022. 

Changes included a rise in price for wood and wood products of almost 7%, and a rise of over 11% for mineral products such as glass, ceramics, cement, concrete and stone. 

The building and construction index also reportedly rose by 0.8% in the month and was 7.7% higher than the same month last year. 

Other notable annual increases and decreases in construction products include a 35% increase in the price of plaster, a 31% rise in structural steel fabricated metal, a 27% rise in ready mixed mortal and concrete, and a 19% increase in concrete blocks.