Wholesale electricity prices fell by 6.2% in the month to December but were 53.9% higher compared to December 2023 new figures from the Central Statistics Office show.

However, despite the rise, wholesale electricity prices still remain 64.7% lower than the peak that occurred in August 2022.

The annual average price of wholesale electricity in 2024 was 11% lower than the annual average price in 2023, the CSO said.

The latest data shows the overall Energy Products Index was down by 4.8% since November 2024 but was 36% higher when compared with December 2023.

Overall wholesale price inflation showed an increase in December with a 0.6% growth in the overall Producer Price Index for manufacturing industries in the month.

The CSO reported producer prices for products sold on the domestic market were 1.4% higher in December compared with the same month in 2023.

In the 12 months to last December, export producer prices rose by 3.5% while overall producer prices were up by 3.3%.

Meanwhile, producer prices for food products increased by 4.2% in the 12 months to December, while the Food Products, Beverages & Tobacco Index was up by 3.4%.

Producer prices for dairy products jumped by 9.8%, while meat and meat products rose by 5% and grain milling, starches and animal feeds were down 3.9%.

Wholesale prices for construction products grew by 0.1% in the month to December 2024 and rose by 1% in the 12 months since December 2023.