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Wholesale Price Index May 2024

Wholesale Price Index May 2024

Producer prices for dairy products fell by over 15% in the 12 months to May 2024

Online ISSN: 2009-5198
CSO statistical publication, , 11am

Key Findings

  • Wholesale electricity prices rose by 21.7% in the month to May 2024 and were 2.4% higher than May 2023, but were 24.8% lower than in May 2022.

  • Domestic producer prices for manufactured goods were on average 1.4% lower in May 2024 when compared with a year earlier, while producer prices for exported goods were up by 1.1%. Overall, manufacturing producer prices were 0.9% higher in the year.

  • Producer prices for food products dropped by 6.5% in the 12 months to May 2024, while the Food Products, Beverages & Tobacco Index was down by 5.7%.

  • Some of the most notable changes in producer prices for food products over the 12 months to May 2024 were: Fish & Fish Products (+6.9%), Dairy Products (-15.4%), Other Food Products (-8.5%), and Grain Milling, Starches & Animal Feeds (-6.0%).

  • The most notable changes in other producer prices in the year to May 2024 were: Chemicals & Chemical Products (+23.4%), Beverages (+7.2%), Mining & Quarrying (+5.3%), and Wood & Wood Products (-7.0%).

  • Wholesale prices for construction products were up by 0.3% in the month to May 2024 but were down by 0.3% in the 12 months since May 2023.

Statistician's Comment

The Central Statistics Office (CSO) has today (21 June 2024) released the Wholesale Price Index (WPI) for May 2024.

Commenting on the release, Deirdre Toher, Statistician in the Prices Division, said:

“Wholesale price inflation showed a decrease in May 2024 with a drop of 2.8% in the overall Producer Price Index for manufacturing industries in the month. The price index for export sales was down by 2.9% since April 2024, while the index for home sales was down by 0.1% in the month. Producer prices for products sold on the domestic market were 1.4% lower in May 2024 compared with May 2023. In the year, export producer prices rose by 1.1% while overall producer prices were up by 0.9%.

Electricity Prices

Wholesale electricity prices were up by 21.7% in May 2024 when compared to April 2024, and were 2.4% higher than May 2023. They decreased by 24.8% since May 2022 and have fallen 72.2% when compared with the peak that occurred in August 2022.

Food Products

Producer prices for food products fell by 0.6% in the month and dropped by 6.5% in the 12 months to May 2024.

Producer prices for Dairy Products increased by 0.6% in the month to May 2024 but have dropped by 15.4% since May 2023. Several other food categories showed notable changes in May 2024 when compared with the same month in 2023, including Other Food Products (-8.5%), Grain Milling, Starches & Animal Feeds (-6.0%), and Fish & Fish Products (+6.9%) (See Table 2).

Construction Products

The All Materials Index for construction products rose by 0.3% in May 2024 but fell by 0.3% in the year since May 2023, while the Building & Construction Index (i.e. Materials and Wages) was up by 0.1% in the month and was 0.7% higher than the same month last year (See Tables 3 and 4)."

Editor's Note

Under EU legislation, the CSO is required to conduct a rebase of the WPI series to 2021=100. The rebase will be applied to the July 2024 WPI release which will be published in August 2024. As part of the rebase process, the CSO is also reviewing the WPI methodology and the contents of the WPI release to best meet user needs.

In order to maximise the number of published subindices in Table 2 (Industrial Producer Prices Indices) of the WPI release, the CSO is planning to discontinue the publication of Table 2A (Contribution to changes in the Manufacturing Output Price Index). This change will be applied to the July 2024 release, which will be published in August 2024, and to all subsequent WPI releases.

Headline Table and Graph

Wholesale Price Index- May 2024
 Price index (Year ‘15=100)% monthly change% annual change
Mar 202488.8-0.9%2.0%
Apr 202489.50.8%3.8%
May 202487.0-2.8%0.9%
Open in Excel: Wholesale Price Index May 2024 Headline Table (XLS 10KB)
Output Price Index
Jan 20163.3
Feb 20161
Mar 2016-2.2
Apr 2016-4.1
May 2016-1.2
Jun 2016-1.9
Jul 2016-1.6
Aug 2016-1.5
Sep 2016-2.4
Oct 20160.9
Nov 2016-1.3
Dec 2016-0.1
Jan 20170.6
Feb 20170.3
Mar 20173.5
Apr 20175.4
May 20174.5
Jun 20172.5
Jul 20171
Aug 2017-0.7
Sep 20170.8
Oct 2017-7.3
Nov 2017-9.1
Dec 2017-4.7
Jan 2018-4.4
Feb 2018-4.3
Mar 2018-6.1
Apr 2018-7.4
May 2018-5.6
June 2018-1.3
Jul 2018-1.2
Aug 2018-0.3
Sep 20180.3
Oct 20181.9
Nov 20183.1
Dec 2018-2.3
Jan 20190.1
Feb 20190.1
Mar 20190.4
Apr 20190.9
May 2019-0.7
Jun 2019-2.4
Jul 2019-2
Aug 2019-1.2
Sep 2019-0.7
Oct 2019-2.2
Nov 2019-1.9
Dec 2019-2
Jan 2020-4.2
Feb 2020-1.4
Mar 2020-5.4
Apr 2020-8.3
May 2020-9.3
Jun 2020-10.4
Jul 2020-10.6
Aug 2020-12.4
Sep 2020-12.4
Oct 2020-5.1
Nov 2020-10.7
Dec 2020-14.5
Jan 2021-12.6
Feb 2021-14
Mar 2021-10.1
Apr 2021-7
May 2021-7.6
Jun 2021-5.3
Jul 2021-2.1
Aug 2021-1.4
Sep 2021-1.9
Oct 2021-2.6
Nov 20210.2
Dec 20214.5
Jan 20223.5
Feb 20222.8
Mar 20224.4
Apr 20225.2
May 20227.3
Jun 20226.2
Jul 20226.2
Aug 20224.7
Sep 20226.1
Oct 20228
Nov 20223.8
Dec 20222.5
Jan 20233.7
Feb 20233.6
Mar 20231.5
Apr 2023-0.7
May 2023-1.1
Jun 2023-0.6
Jul 2023-5.2
Aug 2023-0.3
Sep 2023-1.6
Oct 2023-2.4
Nov 20231.4
Dec 20232.1
Jan 20242.2
Feb 20243.3
Mar 20242
Apr 20243.8
May 20240.9
HomeExport
Jan 2015100.296.8
Feb 201599.698.8
Mar 201599.9101.1
Apr 201599.8102.6
May 2015100100.2
Jun 201599.999.8
Jul 201510099.8
Aug 2015100.3100.2
Sep 2015100.298.9
Oct 201510096.6
Nov 2015100102.8
Dec 2015100102.5
Jan 2016100100.2
Feb 201699.199.9
Mar 201699.598.9
Apr 2016100.898.1
May 2016100.998.9
Jun 201610197.7
Jul 201610198.1
Aug 2016100.198.7
Sep 201610096.4
Oct 201610097.6
Nov 2016100.1101.5
Dec 2016100.1102.4
Jan 2017100.4100.8
Feb 201799.2100.1
Mar 201799.5102.6
Apr 201799.5103.7
May 201799.4103.7
Jun 201799.5100.3
Jul 201799.699.2
Aug 201799.597.9
Sep 201799.897.2
Oct 201799.790.2
Nov 201797.791.9
Dec 201797.797.5
Jan 20189896.4
Feb 201898.195.7
Mar 201898.496.1
Apr 201898.895.6
May 201898.697.7
Jun 201898.999
Jul 20189998
Aug 20189997.6
Sep 201899.497.5
Oct 201899.492
Nov 201899.494.9
Dec 201899.795.2
Jan 2019100.696.4
Feb 2019101.395.6
Mar 2019101.296.4
Apr 2019101.196.5
May 2019101.196.8
Jun 2019101.196.4
Jul 2019101.395.8
Aug 2019101.496.3
Sep 2019101.396.8
Oct 2019101.189.8
Nov 2019101.393
Dec 201910193
Jan 202099.792.1
Feb 202010094.4
Mar 2020100.191.1
Apr 202099.788.2
May 202099.687.5
Jun 202099.786.1
Jul 202099.785.2
Aug 202099.683.9
Sep 202099.984.3
Oct 202099.985
Nov 202099.582.6
Dec 202099.679.1
Jan 202110079.9
Feb 202199.580.7
Mar 202199.881.4
Apr 2021100.281.7
May 2021100.980.4
Jun 2021101.581.2
Jul 2021102.583.2
Aug 2021102.482.5
Sep 2021102.882.4
Oct 2021103.982.7
Nov 2021104.582.5
Dec 2021105.582.5
Jan 2022107.982.5
Feb 2022105.782.8
Mar 2022106.184.9
Apr 2022107.385.9
May 2022108.986.2
Jun 2022109.686.1
Jul 2022112.288.2
Aug 2022113.286.1
Sep 2022113.587.3
Oct 2022114.689.1
Nov 2022114.885.5
Dec 2022114.984.4
Jan 2023116.885.4
Feb 2023116.985.4
Mar 2023115.985.8
Apr 2023115.784.9
May 2023114.785
Jun 2023113.985.4
Jul 2023112.483.4
Aug 202311285.8
Sep 2023111.385.9
Oct 202311187
Nov 2023110.686.9
Dec 2023110.686.4
Jan 2024109.887.7
Feb 202411388.6
Mar 2024113.287.8
Apr 2024113.288.5
May 2024113.185.9

Wholesale prices for construction products decreased by 0.3% over the 12 months to May 2024

Notable annual increases and decreases in construction products as shown in Table 3 include:

  • Rough Timber (Hardwood): 8.1%
  • Sand & Gravel: 5.0%
  • Reinforcing Metal: -16.3%
  • Bituminous Emulsions: -14.0%
  • Structural Steel Fabricated Metal: -9.5%

The Building & Construction Index (i.e. Materials and Wages) increased by 0.1% in the month to May 2024 and rose by 0.7% in the 12 months to May 2024. This index combines the All Materials Index with a measure of the change in wages in the Construction sector to provide an overall index for input construction costs (See Table 4).

Wholesale electricity prices decreased by 2.4% annually

There was an increase in the price of wholesale electricity in May 2024 with prices 21.7% higher than the previous month. The price of electricity was 2.4% higher than in May 2023 but was 24.8% lower than in May 2022.

The price index for all energy fuels was down by 3.8% in May 2024 but up by 10.5% in the year since May 2023.

The overall Energy Products Index was up by 14.4% since April 2024 and was 4.3% higher when compared with May 2023 (See Figure 3 and Table 5).

Wholesale Price Index - Electricity
Jan 2021144.7
Feb 2021106.2
Mar 2021134.5
Apr 2021157.7
May 2021178.5
Jun 2021175.4
Jul 2021264.7
Aug 2021242.6
Sep 2021360.9
Oct 2021396.1
Nov 2021377.8
Dec 2021462.2
Jan 2022371.8
Feb 2022323.5
Mar 2022541.3
Apr 2022402.9
May 2022264.5
Jun 2022335.6
Jul 2022493.2
Aug 2022715.5
Sep 2022522.9
Oct 2022251.2
Nov 2022264.2
Dec 2022510.4
Jan 2023299.3
Feb 2023293.8
Mar 2023268.1
Apr 2023231.8
May 2023194.2
Jun 2023216.2
Jul 2023177.6
Aug 2023196.5
Sep 2023206
Oct 2023231.7
Nov 2023226.9
Dec 2023164.2
Jan 2024184.4
Feb 2024156.2
Mar 2024160
Apr 2024163.4
May 2024198.9
Table 1 Manufacturing Industries Output Price Indices (excluding VAT)

Table 2 Industrial Producer Price Indices (excluding VAT)

Table 2A Contribution to changes in the Manufacturing Output Price Index, May 2024 (Table 2)

Table 3 Detailed Wholesale Price Indices (excluding VAT) for Building and Construction Materials

For more information on the categories of products in Table 3 see Description of Products for Building and Construction.

Table 4 Capital Goods Price Indices (excluding VAT)

Table 5 Wholesale Price Indices (excluding VAT) for Energy Products (i.e. Fuels purchased by Manufacturing Industry)

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