Wholesale prices took a sharp jump in May compared to a year ago, according to the Central Statistics Office, showing a 7.3% rise in the year.

The increases in April and March were 5.2% and 4.4% respectively compared to a year earlier. The Wholesale Price Index now stands at 87.2 compared to 86.8 in April and 85.8 in March 2022.

But factory gate prices rose just half a point in May compared to April, which had shown a 1.2% rise on the previous month, and March, with a 2.5% increase on February’s prices.

Wholesale energy prices decreased by 28.5% in May compared to April 2022, mainly due to a decrease in wholesale electricity prices which fell by 34.4% compared to April.

The CSO said: “There was a decrease in the price of wholesale electricity in May, with prices 34.4% lower than the previous month. However, the price of electricity was still 48.2% higher than in May 2021. The overall energy products index followed these trends, with a decrease of 28.5% on April 2022, and an increase of 45.7% when compared to May 2021."

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