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Financial News: Ireland Wholesale Price Inflation Rises To 17-Month High

Ireland Wholesale Price Inflation Rises To 17-Month High

05/22/2024 - 07:19:00 (RTTNews)

(RTTNews) - Ireland's wholesale price inflation accelerated in April to the highest level in nearly one-and-a-half years, data from the Central Statistics Office showed on Wednesday.

Output prices in the manufacturing industry rose 3.8 percent year-over-year in April, faster than the 2.0 percent increase in March. Prices have been rising since November 2023.

Further, this was the highest inflation since November 2022, when prices had risen the same 3.8 percent.

Factory gate prices for chemicals and chemical products alone grew by 23.0 percent annually in April, and those for beverages rose by 9.0 percent. Meanwhile, wholesale prices for food products slid by 6.6 percent.

Prices for domestic sales decreased 2.2 percent in April from a year ago, while those for the export market rose by 4.2 percent.

Data also showed that wholesale electricity prices plunged 29.5 percent annually in April, and those for construction products dropped by 1.4 percent.

On a monthly basis, wholesale prices rebounded 0.8 percent versus a 0.9 percent fall in March.

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