Wholesale electricity prices fell by 67% annually in 2023
Kenneth Fox
Wholesale electricity prices fell by 27.6 per cent in the month to December 2023 and were 67.8 per cent lower in the 12 months to December 2023.
Domestic producer prices for manufactured goods were on average 3.7 per cent lower in December 2023 when compared with a year earlier, while producer prices for exported goods rose by 2.4 per cent.
Overall, manufacturing producer prices were 2.1 per cent higher in the year.
Producer prices for food products dropped by 8.5 per cent in the 12 months to December 2023, while the Food Products, Beverages & Tobacco Index was down by 7.4 per cent.
Some of the most notable changes in producer prices for food products over the 12 months to December 2023 were: fish & fish products (+8.9 per cent), dairy (-32.4 per cent), vegetable & animal oils & fats (-8.1 per cent), and other food products (-5.6 per cent).
The most notable changes in other producer prices in the year to December 2023 were: chemicals & chemical products (+22.5 per cent), beverages (+10.2 per cent), wearing apparel (+6.7 per cent), wood & wood products (-10.2 per cent), and basic metals (-7.5 per cent).
Wholesale prices for construction products have remained unchanged in the month to December 2023 but rose by 0.3 per cent in the 12 months since December 2022.
Commenting on the release, Jillian Delaney, Statistician in the Prices Division, said:''During 2023, wholesale electricity prices continued to trend downwards.
"Electricity prices fell by 27.6 per cent in December 2023 and were 67.8 per cent lower than in December 2022. Wholesale electricity prices were at their lowest point in December 2023 since April 2021.
Prices on the wholesale market for the overall food products category were lower in December 2023 than at any time since December 2021.
Producer prices for food products fell by 0.4 per cent in the month and by 8.5 per cent in the 12 months to December 2023.
This comes after a previous monthly fall of 1.4 per cent in November 2023.
