Wholesale prices and the price of raw materials for manufacturing businesses rose at an annual rate of 6.2% in July, according to the latest figures from the Central Statistics Office. However, the price of food ingredients, construction materials and energy all rose significantly more.
Overall, food product ingredients rose 10.8% in the year to July, today’s CSO figures show.
But dairy products were up 52.9%, fish and fish products were up 19.7%, animal feeds were up 14.2% and meat products up 13.2%.
Wholesale prices for construction products were up by 20.6% on an annual basis. Timber prices soared by 109.6%, while steel was up 46.7%, cement up 33.5% and windows and doors up 29.7%.
Today’s figures also show that wholesale electricity prices jumped by 47% in July compared to June. They are now up 86.3% on an annual basis.
The CSO’s Energy Product Index, which includes other energy products like gas and oils, rose by 37% in July compared to June and is now 77.6% higher than last year.