Wholesale electricity prices have fallen by 61% in the 12 months to September according to the latest figures from the Central Statistics Office.
Despite the overall fall, the last two months have seen the price began to rise again, up nearly 5% in September and 11% in August.
The news comes as cuts in domestic electricity bills are set to be applied from November 1 by a number of large suppliers.
Electric Ireland are due to cut prices by 10%, which will benefit 1.1 million customers and SSE Airtricity will cut retail prices by 12%.
Today’s CSO figures also show that wholesale petrol and diesel prices have risen in the 12 month period. Petrol is up 8.3% and diesel is up 3.5%.
They also show that the overall Energy Products index increased by 5.2% since August of this year, but decreased by 53% when compared with September of last year, the CSO said.
Today’s CSO figures show that producer prices for food products fell by 8.1% in the 12 months to September, while the Food Products, Beverages & Tobacco index was down by 7.3%.
Some of the biggest changes in producer prices for food products were Fruit & Vegetables, which fell by 13.4%, while Dairy Products dropped by 25.6% and Vegetable & Animal Oils & Fats eased by 7.6%.
Meanwhile, wholesale prices for construction products decreased by 0.3% in the month to September but rose by 2.6% in the 12 months since September 2022.
Today’s CSO figures show that overall wholesale price inflation showed a decrease in September with a drop of 0.9% in the overall producer price index for manufacturing industries in the month.
It noted that producer prices for products sold on the domestic market were 1.9% lower in September this year compared with the same time last year, with export producer prices falling by 2.6% and overall producer prices also down by 2.6% in the year.