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Producer Prices for Dairy Products Drop 9.2% Over 12 Months, CSO Reports

Ireland 02.09.2024
Source: DairyNews.today
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The Central Statistics Office (CSO) has reported a significant 9.2% decline in producer prices for dairy products in the 12 months leading up to July 2024. This decline follows an even steeper 13.9% drop observed in the year to June 2024. Despite this annual downturn, dairy producer prices experienced a modest 3.4% increase from June to July 2024.
Producer Prices for Dairy Products Drop 9.2% Over 12 Months, CSO Reports
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The data also highlights broader trends in the food sector. Over the past year, producer prices for grain milling, starches, and animal feeds fell by 4.9%, while fish and fish products saw a notable 7.8% price increase. In contrast, the prices for vegetable and animal oils and fats dropped by 1.4%, and meat products recorded a marginal decrease of 0.1%.

Outside the food industry, the CSO reported that wholesale electricity prices rose by 3.0% in July 2024, marking a 15.3% increase compared to July 2023. However, these prices remain significantly lower, down by 58.5%, than the peak levels recorded in July 2022. Construction product prices also showed mixed results, with a slight 0.1% monthly increase in July 2024 and a 0.5% rise over the past year. Notable annual price changes include an 8.1% increase in both sand and gravel and rough timber (hardwood), while prices for reinforcing metal and bituminous emulsions fell by 10.0% and 9.3%, respectively.

The CSO’s data also reveals that inflation stood at 1.1% in August 2024, driven primarily by a reduction in energy costs. Core inflation, which excludes energy and unprocessed food, remained stable at 2.3%. According to flash estimates from the EU Harmonised Index of Consumer Prices (HICP) for Ireland, inflation in the 12 months to August 2024 is at its lowest rate since April 2021. The HICP for Ireland increased by 1.1% annually, with a slight 0.1% rise from July to August 2024. This compares to a 1.5% annual increase in July 2024, indicating a continued easing of inflationary pressures in the Irish economy.

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