Wholesale food prices fell to their lowest level in almost two years last month, the Central Statistics Office (CSO) has said.

Producer prices for food and food products dropped 8.8% year-on-year in November, while the food products, beverages & tobacco index fell 7.6%.

Wholesale electricity prices decreased 14.1% in the 12 months to November and 2.1% month-on-month, while domestic prices for manufactured good were down 3.7% from November 2022. Conversely, producer prices for exported goods rose 1.6%.

Overall, manufacturing producer prices were 1.4% higher in the year. Wholesale prices for construction products fell by 0.3% in the month to November but rose by 0.4% in the 12 months since last November.

Within construction, there were notable price fluctuations in stone, sand & gravel (+16.7%); other steel products (+12%); paints, oils & varnishes (+9.5%); other treated timber (-31.6%); reinforcing metal (-28.3%); and other structural steel (-26.7%)

Some of the most notable changes in producer prices for food products over the 12 months to November 2023 were: fish & fish products (+9.3%), dairy products (-35.0%), vegetable & animal oils & fats (-8.2%), and other food products (-6.4%).

The most notable changes in other producer prices in the year to November 2023 were: chemicals & chemical products (+22.5%), beverages (+10.3%), wearing apparel (+6.7%), wood & wood products (-11.6%), and basic metals (-7.3%).

Jillian Delaney, statistician in the prices division of the CSO, said: "Wholesale price inflation showed a decrease in November 2023 with a drop of 0.1% in the overall Producer Price Index for manufacturing industries in the month.

"The price index for export sales was down by 0.1% since October 2023, while the index for home sales fell by 0.4% in the month. 

"Producer prices for products sold on the domestic market were 3.7% lower in November 2023 compared with November 2022, with export producer prices increasing by 1.6% and overall producer prices up by 1.4% in the year."

(Pic: Getty Images)