WHOLESALE ELECTRICITY PRICES have reached their lowest point in two years after falling by 64% in the 12 months to July.

This comes after a further decline in prices recorded in June, down by a third compared to June 2022, according to figures published by the Central Statistics Office (CSO).

Wholesale electricity prices, or what is paid for electricity from the Single Electricity Market grid, decreased by 17.9% between June and July and were 64% lower compared to July last year.

An increase or decrease in wholesale prices can be an indication of what consumers will be charged in the future.

Senior statistician in the CSO’s prices division Edel Flannery said: “Electricity costs on the wholesale market are now lower than any time during the past two years.

“The last time that prices were lower than the current rate was in June 2021.”

Wholesale electricity prices in July 2023 fell to their lowest level since June 2021https://t.co/fJOHJ5nT9C#CSOIreland #Ireland #Wholesaleprices #Prices #Business #BusinessStatistics #IrishBusiness pic.twitter.com/VWzcmZt8W3

— Central Statistics Office Ireland (@CSOIreland) August 22, 2023

According to the Wholesale Price Index, published by the Central Statistics Office on Tuesday, producer prices for food products fell by 8.1% in the 12 months to July, while the food products, beverages and tobacco index was down by 7.1%.

Domestic producer prices for manufactured goods were on average 0.2% higher in July compared with a year earlier, while producer prices for exported goods fell by 5.4%.

Among the most significant changes to producer prices in the 12 months to July were a 14.9% increase in the fruit and vegetables sector, a 17% decrease in the dairy sector and a 15% increase in beverages.

Construction products decreased by 0.4% in the month but increased by 2.2% in the year, while the Building and Construction (ie materials and wages) index decreased by 0.2% in the month but was 2.4% higher than the same month last year.