The Key Findings were updated on 22 September 2023 to clarify that the data in the last bullet point refers to the month of July 2023, not June as initially published.
Wholesale electricity prices decreased by 17.9% in the month to July 2023 and were 64.0% lower in July 2023 when compared with July 2022.
Domestic producer prices for manufactured goods were on average 0.2% higher in July 2023 compared with a year earlier, while producer prices for exported goods fell by 5.4%. Overall, manufacturing producer prices were 5.2% lower in the year.
Producer prices for food products fell by 8.1% in the 12 months to July 2023, while the Food Products, Beverages & Tobacco index was down by 7.1%.
Some of the most notable changes in producer prices for food products over the 12 months to July 2023 were: Fruit & Vegetables (+14.9%), Dairy Products (-17.4%), Other Food Products (-10.7%) and Vegetable & Animal Oils & Fats (-8.9%).
The most notable changes in other producer prices in the year were: Beverages (+15.0%), Other Non-Metallic Mineral Products (such as glass, ceramics, cement, concrete and stone) (+7.9%), Wearing Apparel (+6.7%), Furniture (+5.2%), Basic Metals (-10.1%) and Wood & Wood Products (-9.4%).
Wholesale prices for construction products decreased by 0.4% in the month but rose by 2.2% in the 12 months since July 2022.
| Wholesale Price Index- July 2023 | |||
| Price index (Year ‘15=100) | % monthly change | % annual change | |
| May 2023 | 86.2 | 0.0% | -1.1% |
| Jun 2023 | 86.6 | 0.5% | -0.6% |
| Jul 2023 | 84.6 | -2.3% | -5.2% |
| Output Price Index | |
| Jan 2016 | 3.3 |
| Feb 2016 | 1 |
| Mar 2016 | -2.2 |
| Apr 2016 | -4.1 |
| May 2016 | -1.2 |
| Jun 2016 | -1.9 |
| Jul 2016 | -1.6 |
| Aug 2016 | -1.5 |
| Sep 2016 | -2.4 |
| Oct 2016 | 0.9 |
| Nov 2016 | -1.3 |
| Dec 2016 | -0.1 |
| Jan 2017 | 0.6 |
| Feb 2017 | 0.3 |
| Mar 2017 | 3.5 |
| Apr 2017 | 5.4 |
| May 2017 | 4.5 |
| Jun 2017 | 2.5 |
| Jul 2017 | 1 |
| Aug 2017 | -0.7 |
| Sep 2017 | 0.8 |
| Oct 2017 | -7.3 |
| Nov 2017 | -9.1 |
| Dec 2017 | -4.7 |
| Jan 2018 | -4.4 |
| Feb 2018 | -4.3 |
| Mar 2018 | -6.1 |
| Apr 2018 | -7.4 |
| May 2018 | -5.6 |
| June 2018 | -1.3 |
| Jul 2018 | -1.2 |
| Aug 2018 | -0.3 |
| Sep 2018 | 0.3 |
| Oct 2018 | 1.9 |
| Nov 2018 | 3.1 |
| Dec 2018 | -2.3 |
| Jan 2019 | 0.1 |
| Feb 2019 | 0.1 |
| Mar 2019 | 0.4 |
| Apr 2019 | 0.9 |
| May 2019 | -0.7 |
| Jun 2019 | -2.4 |
| Jul 2019 | -2 |
| Aug 2019 | -1.2 |
| Sep 2019 | -0.7 |
| Oct 2019 | -2.2 |
| Nov 2019 | -1.9 |
| Dec 2019 | -2 |
| Jan 2020 | -4.2 |
| Feb 2020 | -1.4 |
| Mar 2020 | -5.4 |
| Apr 2020 | -8.3 |
| May 2020 | -9.3 |
| Jun 2020 | -10.4 |
| Jul 2020 | -10.6 |
| Aug 2020 | -12.4 |
| Sep 2020 | -12.4 |
| Oct 2020 | -5.1 |
| Nov 2020 | -10.7 |
| Dec 2020 | -14.5 |
| Jan 2021 | -12.6 |
| Feb 2021 | -14 |
| Mar 2021 | -10.1 |
| Apr 2021 | -7 |
| May 2021 | -7.6 |
| Jun 2021 | -5.3 |
| Jul 2021 | -2.1 |
| Aug 2021 | -1.4 |
| Sep 2021 | -1.9 |
| Oct 2021 | -2.6 |
| Nov 2021 | 0.2 |
| Dec 2021 | 4.5 |
| Jan 2022 | 3.5 |
| Feb 2022 | 2.8 |
| Mar 2022 | 4.4 |
| Apr 2022 | 5.2 |
| May 2022 | 7.3 |
| Jun 2022 | 6.2 |
| Jul 2022 | 6.2 |
| Aug 2022 | 4.7 |
| Sep 2022 | 6.1 |
| Oct 2022 | 8 |
| Nov 2022 | 3.8 |
| Dec 2022 | 2.5 |
| Jan 2023 | 3.7 |
| Feb 2023 | 3.6 |
| Mar 2023 | 1.5 |
| Apr 2023 | -0.7 |
| May 2023 | -1.1 |
| Jun 2023 | -0.6 |
| Jul 2023 | -5.2 |
| Home | Export | |
| Jan 2015 | 100.2 | 96.8 |
| Feb 2015 | 99.6 | 98.8 |
| Mar 2015 | 99.9 | 101.1 |
| Apr 2015 | 99.8 | 102.6 |
| May 2015 | 100 | 100.2 |
| Jun 2015 | 99.9 | 99.8 |
| Jul 2015 | 100 | 99.8 |
| Aug 2015 | 100.3 | 100.2 |
| Sep 2015 | 100.2 | 98.9 |
| Oct 2015 | 100 | 96.6 |
| Nov 2015 | 100 | 102.8 |
| Dec 2015 | 100 | 102.5 |
| Jan 2016 | 100 | 100.2 |
| Feb 2016 | 99.1 | 99.9 |
| Mar 2016 | 99.5 | 98.9 |
| Apr 2016 | 100.8 | 98.1 |
| May 2016 | 100.9 | 98.9 |
| Jun 2016 | 101 | 97.7 |
| Jul 2016 | 101 | 98.1 |
| Aug 2016 | 100.1 | 98.7 |
| Sep 2016 | 100 | 96.4 |
| Oct 2016 | 100 | 97.6 |
| Nov 2016 | 100.1 | 101.5 |
| Dec 2016 | 100.1 | 102.4 |
| Jan 2017 | 100.4 | 100.8 |
| Feb 2017 | 99.2 | 100.1 |
| Mar 2017 | 99.5 | 102.6 |
| Apr 2017 | 99.5 | 103.7 |
| May 2017 | 99.4 | 103.7 |
| Jun 2017 | 99.5 | 100.3 |
| Jul 2017 | 99.6 | 99.2 |
| Aug 2017 | 99.5 | 97.9 |
| Sep 2017 | 99.8 | 97.2 |
| Oct 2017 | 99.7 | 90.2 |
| Nov 2017 | 97.7 | 91.9 |
| Dec 2017 | 97.7 | 97.5 |
| Jan 2018 | 98 | 96.4 |
| Feb 2018 | 98.1 | 95.7 |
| Mar 2018 | 98.4 | 96.1 |
| Apr 2018 | 98.8 | 95.6 |
| May 2018 | 98.6 | 97.7 |
| Jun 2018 | 98.9 | 99 |
| Jul 2018 | 99 | 98 |
| Aug 2018 | 99 | 97.6 |
| Sep 2018 | 99.4 | 97.5 |
| Oct 2018 | 99.4 | 92 |
| Nov 2018 | 99.4 | 94.9 |
| Dec 2018 | 99.7 | 95.2 |
| Jan 2019 | 100.6 | 96.4 |
| Feb 2019 | 101.3 | 95.6 |
| Mar 2019 | 101.2 | 96.4 |
| Apr 2019 | 101.1 | 96.5 |
| May 2019 | 101.1 | 96.8 |
| Jun 2019 | 101.1 | 96.4 |
| Jul 2019 | 101.3 | 95.8 |
| Aug 2019 | 101.4 | 96.3 |
| Sep 2019 | 101.3 | 96.8 |
| Oct 2019 | 101.1 | 89.8 |
| Nov 2019 | 101.3 | 93 |
| Dec 2019 | 101 | 93 |
| Jan 2020 | 99.7 | 92.1 |
| Feb 2020 | 100 | 94.4 |
| Mar 2020 | 100.1 | 91.1 |
| Apr 2020 | 99.7 | 88.2 |
| May 2020 | 99.6 | 87.5 |
| Jun 2020 | 99.7 | 86.1 |
| Jul 2020 | 99.7 | 85.2 |
| Aug 2020 | 99.6 | 83.9 |
| Sep 2020 | 99.9 | 84.3 |
| Oct 2020 | 99.9 | 85 |
| Nov 2020 | 99.5 | 82.6 |
| Dec 2020 | 99.6 | 79.1 |
| Jan 2021 | 100 | 79.9 |
| Feb 2021 | 99.5 | 80.7 |
| Mar 2021 | 99.8 | 81.4 |
| Apr 2021 | 100.2 | 81.7 |
| May 2021 | 100.9 | 80.4 |
| Jun 2021 | 101.5 | 81.2 |
| Jul 2021 | 102.5 | 83.2 |
| Aug 2021 | 102.4 | 82.5 |
| Sep 2021 | 102.8 | 82.4 |
| Oct 2021 | 103.9 | 82.7 |
| Nov 2021 | 104.5 | 82.5 |
| Dec 2021 | 105.5 | 82.5 |
| Jan 2022 | 107.9 | 82.5 |
| Feb 2022 | 105.7 | 82.8 |
| Mar 2022 | 106.1 | 84.9 |
| Apr 2022 | 107.3 | 85.9 |
| May 2022 | 108.9 | 86.2 |
| Jun 2022 | 109.6 | 86.1 |
| Jul 2022 | 112.2 | 88.2 |
| Aug 2022 | 113.2 | 86.1 |
| Sep 2022 | 113.5 | 87.3 |
| Oct 2022 | 114.6 | 89.1 |
| Nov 2022 | 114.8 | 85.5 |
| Dec 2022 | 114.9 | 84.4 |
| Jan 2023 | 116.8 | 85.4 |
| Feb 2023 | 116.9 | 85.4 |
| Mar 2023 | 115.9 | 85.8 |
| Apr 2023 | 115.7 | 84.9 |
| May 2023 | 114.7 | 85 |
| Jun 2023 | 113.9 | 85.4 |
| Jul 2023 | 112.4 | 83.4 |
Notable annual increases and decreases in construction products as shown in Table 3 include:
The Building and Construction Index (i.e. Materials and Wages) decreased by 0.2% in the month but rose by 2.4% in the 12 months to July 2023. This index combines the All Materials Index with a measure of the change in wages in the construction sector to provide an overall index for input construction costs (See Table 4).
There was a decrease in the price of wholesale electricity in July 2023 with prices 17.9% lower than the previous month. The price of electricity was 64.0% lower than in July 2022. The overall Energy Products Index decreased by 13.1% since June 2023 and by 57.8% when compared with July 2022 (See Figure 3 and Table 5).
| Wholesale Price Index - Electricity | |
| Jan 2021 | 144.7 |
| Feb 2021 | 106.2 |
| Mar 2021 | 134.5 |
| Apr 2021 | 157.7 |
| May 2021 | 178.5 |
| Jun 2021 | 175.4 |
| Jul 2021 | 264.7 |
| Aug 2021 | 242.6 |
| Sep 2021 | 360.9 |
| Oct 2021 | 396.1 |
| Nov 2021 | 377.8 |
| Dec 2021 | 462.2 |
| Jan 2022 | 371.8 |
| Feb 2022 | 323.5 |
| Mar 2022 | 541.3 |
| Apr 2022 | 402.9 |
| May 2022 | 264.5 |
| Jun 2022 | 335.6 |
| Jul 2022 | 493.2 |
| Aug 2022 | 715.5 |
| Sep 2022 | 522.9 |
| Oct 2022 | 251.2 |
| Nov 2022 | 264.2 |
| Dec 2022 | 510.4 |
| Jan 2023 | 299.3 |
| Feb 2023 | 293.8 |
| Mar 2023 | 268.1 |
| Apr 2023 | 231.8 |
| May 2023 | 194.2 |
| Jun 2023 | 216.2 |
| Jul 2023 | 177.6 |
For more information on the categories of products in Table 3 see Description of Products for Building and Construction.
Statistician's Comment
The Central Statistics Office (CSO) has today (22nd August 2023) released the Wholesale Price Index July 2023.
Commenting on the release, Edel Flannery, Senior Statistician in the Prices Division, said: ''Wholesale electricity prices fell by 17.9% in the month and dropped by 64.0% in the 12 months to July 2023. This comes after a previous monthly increase of 11.3% in June 2023. Electricity costs on the wholesale market are now lower than any time during the past two years. The last time that prices were lower than the current rate was in June 2021 (See Table 5).
Wholesale price inflation showed a decrease in July 2023 with a drop of 2.3% to the overall producer price index for the manufacturing industries in the month. The price index for export sales also fell by 2.3% since June 2023, while the index for home sales fell by 1.3% in the month. Producer prices for products sold on the domestic market were 0.2% higher in July 2023 than they were in July 2022, with export producer prices falling by 5.4% and overall producer prices down by 5.2% in the year.
Food Products
Producer prices in the Food Products index dropped by 2.8% in the month to July 2023 and this overall index was 8.1% lower than in July 2022. Prices for some food products fell in the month, for example Other Food Products (-4.5%) and Dairy Products (-2.0%). Prices for these products were also lower on an annual basis compared with July 2022, with Other Food Products seeing a reduction of 10.7% in the year and Dairy Products down by 17.4%. Several other food categories were still higher in July 2023 compared with the same month in 2022, including Fruit & Vegetables (+14.9%), Fish & Fish Products (+1.4%) and Baking & Farinaceous Products (+0.9%), (See Table 2).
Construction Products
The All Materials Index for construction products decreased by 0.4% in the month but increased by 2.2% in the year, while the Building and Construction (i.e. Materials and Wages) index decreased by 0.2% in the month but was 2.4% higher than the same month last year (See Tables 3 and 4).''