Ireland: 28.5% Drop in Dairy Product Prices
According to the latest data from the Central Statistics Office (CSO) in Ireland, dairy product prices have witnessed a significant decline of 28.5% over the 12-month period ending February 2024.
Statistician Deirdre Toher highlighted notable changes in various food categories, including a 9.4% decrease in 'other food products' and a 6.8% fall in grain milling, starches, and animal feeds.
While producer prices for fish and fish products experienced a 7% increase during the same period, the food products, beverages, and tobacco index saw an 8.2% decline. Beverages, however, recorded an 11% increase in producer prices from February 2023 to February 2024.
In the energy sector, wholesale electricity prices plummeted by 15.3% in the month to February 2024, marking a substantial 46.8% decrease compared to February 2023. Meanwhile, the energy products index dropped by 10% from January 2024.
Manufacturing producer prices displayed a mixed trend, with domestic goods prices dipping by 3.3% in February 2024 compared to a year earlier, while exported goods prices rose by 3.7%. Chemicals and chemical products saw a significant increase of 22.2%, while rubber and plastic products experienced a modest rise of 4.6%. Conversely, wood and wood products witnessed an 8% price decrease over the 12-month period.
Overall, the producer price index for manufacturing industries in February 2024 saw a 1.1% increase, with export sales and home sales indices rising by 1.0% and 2.9%, respectively, compared to January 2024.
While producer prices for fish and fish products experienced a 7% increase during the same period, the food products, beverages, and tobacco index saw an 8.2% decline. Beverages, however, recorded an 11% increase in producer prices from February 2023 to February 2024.
In the energy sector, wholesale electricity prices plummeted by 15.3% in the month to February 2024, marking a substantial 46.8% decrease compared to February 2023. Meanwhile, the energy products index dropped by 10% from January 2024.
Manufacturing producer prices displayed a mixed trend, with domestic goods prices dipping by 3.3% in February 2024 compared to a year earlier, while exported goods prices rose by 3.7%. Chemicals and chemical products saw a significant increase of 22.2%, while rubber and plastic products experienced a modest rise of 4.6%. Conversely, wood and wood products witnessed an 8% price decrease over the 12-month period.
Overall, the producer price index for manufacturing industries in February 2024 saw a 1.1% increase, with export sales and home sales indices rising by 1.0% and 2.9%, respectively, compared to January 2024.
