Dairy Producer Prices Rise Nearly 10%, CSO Reports
Source: DairyNews.today
Producer prices for dairy products surged by 9.8% in the 12 months leading up to March 2024, according to data from the Central Statistics Office (CSO).
The CSO’s wholesale price index for October indicates that overall producer prices for food products rose by 1.1%, with the broader food, beverages, and tobacco wholesale index increasing by 0.5%.
Beyond dairy, notable price movements were observed in other sectors. Producer prices for grain milling, starches, and animal feeds declined by 4%, while prices for meat and meat products saw a modest rise of 1.1%. Fish and fish product prices also edged up by 1.6%.
There was no change in producer prices for fruit and vegetables, or for vegetable and animal oils and fats compared to October 2023.
The CSO also reported a 9.6% increase in electricity prices for October 2024, although these prices remain 1.5% lower than the same month in 2023 and 68.1% below their peak in August 2022.
In the manufacturing sector, domestic producer prices were, on average, 1% higher in October 2024 compared to a year earlier. However, prices for exported goods dropped by 2%, leading to a 1.7% decrease in overall manufacturing producer prices year-on-year.
Other key changes in producer prices included a 3% increase in the cost of wearing apparel, a 13.8% decrease in chemicals and chemical products, and a 3.4% drop in rubber and plastic products.
In the construction sector, wholesale prices for materials remained unchanged in October 2024 but rose by 0.8% year-on-year. Specific items, such as sand and gravel, saw price hikes of 8%, while cement prices rose by 7.8%. Conversely, the price of rough timber fell by 5.6%.
The building and construction index, which includes materials and wages, was also flat for the month but increased by 2% compared to October 2023.
Beyond dairy, notable price movements were observed in other sectors. Producer prices for grain milling, starches, and animal feeds declined by 4%, while prices for meat and meat products saw a modest rise of 1.1%. Fish and fish product prices also edged up by 1.6%.
There was no change in producer prices for fruit and vegetables, or for vegetable and animal oils and fats compared to October 2023.
The CSO also reported a 9.6% increase in electricity prices for October 2024, although these prices remain 1.5% lower than the same month in 2023 and 68.1% below their peak in August 2022.
In the manufacturing sector, domestic producer prices were, on average, 1% higher in October 2024 compared to a year earlier. However, prices for exported goods dropped by 2%, leading to a 1.7% decrease in overall manufacturing producer prices year-on-year.
Other key changes in producer prices included a 3% increase in the cost of wearing apparel, a 13.8% decrease in chemicals and chemical products, and a 3.4% drop in rubber and plastic products.
In the construction sector, wholesale prices for materials remained unchanged in October 2024 but rose by 0.8% year-on-year. Specific items, such as sand and gravel, saw price hikes of 8%, while cement prices rose by 7.8%. Conversely, the price of rough timber fell by 5.6%.
The building and construction index, which includes materials and wages, was also flat for the month but increased by 2% compared to October 2023.
