Ireland’s wholesale price inflation reached its highest point in over 18 months this July, according to data released on Thursday by the Central Statistics Office (CSO).The manufacturing sector saw a 5.4 percent increase in output prices compared to the same month last year. This acceleration outpaced the 2.8 percent growth recorded in June, continuing a rising trend that began in November 2023.Notably, this is the most rapid growth rate since October 2022, when prices surged by 8.0 percent.In detail, factory gate prices for chemicals and chemical products alone soared by 23.1 percent year-over-year in July. Prices for mining and quarrying also registered a significant increase of 5.3 percent, while those for food products declined by 2.1 percent.Domestic sales prices inched up by 0.4 percent from the previous year, whereas export market prices experienced a robust growth of 5.6 percent.The CSO data also highlighted a sharp annual increase of 15.3 percent in wholesale electricity prices for July, along with a modest 0.5 percent rise in prices for construction products.On a month-to-month basis, wholesale prices saw a slight increase of 0.2 percent, following a more substantial rise of 2.3 percent in June.The material has been provided by InstaForex Company – www.instaforex.com
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