Financial News: Ireland Wholesale Prices Fall 0.5%

Ireland Wholesale Prices Fall 0.5%

(RTTNews) - Ireland's wholesale prices decreased for the first time in four months in February, data from the Central Statistics Office showed on Friday.

Output prices in the manufacturing industry dropped 0.5 percent year-over-year in February, reversing a 2.1 percent increase in January.

Prices for chemicals and chemical products slumped by 13.8 percent, and those for rubber and plastic products slid by 3.1 percent. There was also a 16.2 percent sharp decline in prices for vegetables and animal oils and fats.

Meanwhile, factory gate prices for food products grew 7.0 percent from last year, largely due to higher costs for dairy products. The price index for food products, beverages, and tobacco climbed 5.8 percent.

Prices for domestic sales increased 1.4 percent in February from a year ago, and those for the export market rose by 2.1 percent.

Data also showed that wholesale electricity prices surged 66.5 percent annually in February, and those for construction products rose by 1.0 percent.

On a monthly basis, wholesale prices dropped 0.9 percent versus a 0.1 percent gain in January.

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