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Financial News: Ireland Wholesale Price Inflation Rises To 3.3%

Ireland Wholesale Price Inflation Rises To 3.3%

03/22/2024 - 09:10:00 (RTTNews)

(RTTNews) - Ireland's wholesale prices increased for the third straight month in February to the highest level in one year, data from the Central Statistics Office showed on Friday.

Output prices in the manufacturing industry rose 3.3 percent year-over-year in February, faster than the 2.2 percent increase in January.

Further, this was the quickest rate of increase since February 2023, when prices had risen 3.6 percent.

Factory gate prices for chemicals and chemical products alone grew by 22.2 percent annually in February, and those for beverages rose by 11.0 percent. Prices for fish and fish products were 7.0 percent higher.

Meanwhile, prices for dairy products plunged by 28.5 percent, and those for total food products slid by 9.3 percent.

Prices for domestic sales decreased 3.3 percent in February from a year ago, while those for the export market rose by 3.7 percent.

Data also showed that wholesale electricity prices plunged 46.8 percent annually in February, and those for construction products dropped by 0.7 percent.

On a monthly basis, wholesale prices climbed 1.1 percent versus a 1.4 percent rise in January.

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