Financial News: Ireland Wholesale Price Inflation At 21-Month High

Ireland Wholesale Price Inflation At 21-Month High

08/29/2024 - 10:15:00 (RTTNews)

(RTTNews) - Ireland's wholesale price inflation accelerated further in July to the highest level in more than one-and-a-half years, data from the Central Statistics Office showed on Thursday.

Output prices in the manufacturing industry rose 5.4 percent year-over-year in July, faster than the 2.8 percent increase in June. Prices have been rising since November 2023.

Further, this was the fastest rate of growth since October 2022, when prices had risen 8.0 percent.

Factory gate prices for chemicals and chemical products alone grew by 23.1 percent annually in July, and those for mining and quarrying rose by 5.3 percent. Meanwhile, prices for food products slid by 2.1 percent.

Prices for domestic sales increased 0.4 percent in July from a year ago, and those for the export market rose by 5.6 percent.

Data also showed that wholesale electricity prices surged 15.3 percent annually in July, and those for construction products up by 0.5 percent.

On a monthly basis, wholesale prices edged up 0.2 percent versus a 2.3 percent rise in June.

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