Factory gate prices of goods fall by more than 7%
The price of goods leaving factory gates in Ireland fell by more than 7% last month according to the Central Statistics Office (CSO) latest wholesale price index.
The fall compares with an increase of 0.3% for May of last year. The annual percentage change showed a decrease of 7.4% in May compared to a decrease of 6.1% in the year to April.
The index is based on data collected monthly from a sample of Irish manufacturers and wholesale outlets for various goods. All indices in the series are based on prices at the 15th of the month.
In the month, the price index for export sales decreased by 0.9%, while the index for home sales decreased by 0.1%.
Food products saw an almost 2% increase year on year with beverages increasing by 3.4%. However overall transportable goods saw a fall in price of 7.3% in May.
In the year there was a decrease of 7.5% in the price index for export sales (this can be influenced by currency fluctuations) and a decrease of 1.6% in respect of the price index for home sales.
Fuel products purchased by the manufacturing industry saw a significant fall of just under 40%, most likely connected to fall in production due to the Covid-19 restrictions.
Prices for building and construction materials increased slightly by 0.3% compared to May 2019, falling 0.6% compared to April 2020.