Ireland: CSO Reports Significant Drop in Dairy Product Prices Over the Past Year
Source: The DairyNews
According to the latest data from the Central Statistics Office (CSO), producer prices for dairy products in Ireland have seen a significant decline, falling by 13.9% in the year ending June 2024.
The Wholesale Price Index released on Monday indicates a modest decrease of 0.3% in dairy prices from May to June 2024 alone.
This trend in dairy prices contrasts with overall movements in the food sector, which experienced a slight increase of 0.4% in producer prices over the same month but a decrease of 4.4% over the past twelve months. Notably, grain milling, starches, and animal feeds saw a decrease of 5.3% compared to June 2023.
In other sectors, meat and meat product prices edged up by 0.3% in June but recorded an overall annual decline of 0.9%. Wholesale electricity prices remained stable over the month but were 8.0% lower than in June 2023, and significantly down by 40.7% compared to two years ago in June 2022.
The energy sector saw some upward movement, with the price index for all energy fuels rising by 0.4% in June 2024, culminating in a 9.5% increase over the past year.
The construction sector presented a mixed picture, with wholesale prices for construction products dropping slightly by 0.1% over the twelve months to June 2024. Key materials like sand and gravel, and rough timber saw increases of 8.2% and 8.1% respectively, while reinforcing metal and structural steel fabricated metal recorded substantial declines.
Deirdre Toher, a statistician with the CSO, highlighted the broader economic context: "Wholesale price inflation rose in June 2024 with a 2.3% increase in the overall Producer Price Index for manufacturing industries during the month. While export sales indices rose by 2.3% since May, domestic sales indices dipped by 0.3%."
This trend in dairy prices contrasts with overall movements in the food sector, which experienced a slight increase of 0.4% in producer prices over the same month but a decrease of 4.4% over the past twelve months. Notably, grain milling, starches, and animal feeds saw a decrease of 5.3% compared to June 2023.
In other sectors, meat and meat product prices edged up by 0.3% in June but recorded an overall annual decline of 0.9%. Wholesale electricity prices remained stable over the month but were 8.0% lower than in June 2023, and significantly down by 40.7% compared to two years ago in June 2022.
The energy sector saw some upward movement, with the price index for all energy fuels rising by 0.4% in June 2024, culminating in a 9.5% increase over the past year.
The construction sector presented a mixed picture, with wholesale prices for construction products dropping slightly by 0.1% over the twelve months to June 2024. Key materials like sand and gravel, and rough timber saw increases of 8.2% and 8.1% respectively, while reinforcing metal and structural steel fabricated metal recorded substantial declines.
Deirdre Toher, a statistician with the CSO, highlighted the broader economic context: "Wholesale price inflation rose in June 2024 with a 2.3% increase in the overall Producer Price Index for manufacturing industries during the month. While export sales indices rose by 2.3% since May, domestic sales indices dipped by 0.3%."
