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Irish wholesale price inflation slows to 2.5% in December

20th Jan 2023 13:08

(Alliance News) - Wholesale price inflation in Ireland slowed in December, despite electricity prices spiking by 10% from a year earlier, according to the latest figures from the Irish Central Statistics Office on Friday.

The wholesale price index read 85.6 points in December, down 1.3% from 86.7 in November, which in turn was down 3.9% from 90.2 in October.

On an annual basis, wholesale prices rose by 2.5% in December, slowing from 3.8% in November and 8.0% in October.

Irish wholesale electricity prices rose by 10% in the 12 months to December from a year earlier.

''During 2022, wholesale electricity prices were highly volatile. Electricity prices increased by 93.2% in December 2022 [from November] and were 10.4% higher than in December 2021," said Jillian Delaney, Irish CSO statistician in the prices division.

Domestic producer prices for manufactured goods were on average 8.9% higher in December from a year earlier.

Producer prices for food products rose by 10% annually in December. The Food Products, Beverages & Tobacco index also rose by 10%. Dairy products were up 40% annually; fruit and vegetables up 19%; grain milling, starches and animals up 15%; and fish and fish products were up 14%.

By Greg Rosenvinge, Alliance News reporter

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