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Irish manufacturing prices are hugely influenced by movements in
the Us dollar/Euro rate because of the dominance of US multinationals in Irish
manufacturing and in May, the Irish monthly factory gate prices increased by
1.1%. This compares to a decrease of 1.2% recorded for May 2009. As a result,
the annual percentage change showed an increase of 2.0% to May 2010, compared
with an annual decrease of 0.4% to April 2010.
The Central Statistics Office reported today that in the month,
the price index for export sales increased by 1.2% while the index for home
sales increased by 1.0%. In the year there was an increase in the price index
for export sales of 1.8% (this can be influenced by currency fluctuations) and
an increase of 2.9% in respect of the price index for home sales.
In the month the most significant changes were increases in
Computer, electronic and optical products (+7.8%), Other food products (+3.5%)
and Chemicals and chemical products (+3.4%), while there was a decrease in Basic
pharmaceutical products and pharmaceutical preparations (-4.8%).
Contributing to the annual change were increases in Computer,
electronic and optical products (+11.0%), Dairy Products (+10.3%), and Other
food products including bread and confectionary (+6.3%), while there were
decreases in Basic pharmaceutical products and pharmaceutical preparations
(-8.5%), Beverages (-4.1%) and Fabricated metal products, except Machinery and
equipment (-3.7%).
The yearly price index for Mining and quarrying decreased by
27.4% while there was a monthly decrease of 0.5%.
A further analysis of Wholesale price changes by sector of use
shows that:
Building and Construction: All material prices increased by 2.7% in the year since May 2009. The most
notable yearly changes were decreases in Other timber (excluding windows and
doors) (-10.2%), Other concrete products (Excluding precast concrete)
(-7.2%) and Glass (-5.8%) while there were increases in Fabricated metal
(+18.2%), Reinforcing Metal (+18.2%), and Copper pipes and fittings
(+15.7%). Building and Construction. All material prices increased by 1.1%
in the month.
Year on year, the price
of Capital Goods increased by 0.8%, while the monthly price index increased
by 0.4%.
The price of Energy
products increased by 7.9% in the year since May 2009, while Petroleum fuels
increased by 26.2%. In May 2010, the monthly price index for Energy products
increased by 1.6%, while Petroleum fuels increased by 4.3%.
