Ireland: CSO Reports Significant Drop in Dairy Product Prices Over the Past Year
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%."
