Wholesale electricity prices fall by 41.4% in January

The recent fall in energy prices has eased wider inflationary pressures across the economy. Photograph: Georgi Licovski/EPAWholesale electricity prices fell by 41.4 per cent in January, one of the largest monthly falls on record, according the Central Statistics Office . They were also 19.5 per cent lower than in January 2022.

Energy prices on international markets are now back to pre-Ukraine war levels. However consumers may have to wait several months before the full reduction in wholesale prices is passed on to them as the prices charged by energy companies are based on future prices. The CSO’s latest wholesale price index indicated producer prices for food products rose by 6.2 per cent in the 12 months to January. Prices in several food categories were significantly higher in January, the CSO said.

Some of the most notable changes were in dairy products , fruit and vegetables , fish and fish products and grain, milling, starches and animal feeds .

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