Irish Wholesale Price Inflation Highest Since March 2023

(RTTNews) - Ireland's wholesale price inflation accelerated in June to the highest level in more than three years, data from the Central Statistics Office showed on Wednesday.

Output prices in the manufacturing industry climbed 3.5 percent year-over-year in June, faster than the 1.6 percent inrease in May. Moreover, a similar rate of growth was last seen in March 2023.

Factory gate prices for chemicals and chemical products grew 11.9 percent from last year, and those for food products rose by 2.9 percent.

Data showed that costs for all energy fuels surged 24.5 percent annually, and the price index for other non-metallic mineral products were 5.9 percent costlier. Wholesale electricity prices jumped 42.2 percent, and prices for construction products increased 3.1 percent.

On a monthly basis, output prices dropped 0.2 percent in June, reversing a 0.9 percent rise in May.