Irish monthly factory gate prices fell 0.2% in March 2011 due to a fall in
the US dollar against the euro in particular. This compares to a decrease of
0.5% recorded for March 2010. As a result, the annual percentage change showed
an increase of 0.9% in March 2011, compared with a rise of 0.6% in February
The majority of Irish manufactured sales are intra-company and priced in US
At a time when producer prices are surging elsewhere, the US dollar/euro rate
is a key factor in the prices of manufactures from the mainly US-owned sector.
The recent dip odf the US currency against the euro results in lower output
costs when priced in US dollars.
The CSO said that in the month of March, the price index for export sales
fell by 0.5% while the index for home sales rose by 1.0%. In the year there was
no change in the price index for export sales and an increase of 5.5% in respect
of the price index for home sales.
In the month the most significant changes were increases in Dairy products
(+7.7%), Other Manufacturing including Medical and Dental Instruments and
Supplies (+2.3%) and Meat and meat products (+1.0%) while there were decreases
in Computer, electronic and optical products (-2.3%), Printing and reproduction
of recorded media (-2.1%) and Basic pharmaceutical products and pharmaceutical
Contributing to the annual change were increases in Meat and meat products
(+8.4%), Other food products including bread and confectionary (+3.9%) and
Computer, electronic and optical products (+2.1%), while there were decreases in
Basic pharmaceutical products and pharmaceutical preparations (-7.4%), Other
non-metallic mineral products (-1.2%) and Beverages (-0.7%).
The yearly price index for Mining and quarrying gained 9.1% while there
was a monthly decline of 0.8%.
A further analysis of Wholesale price changes by sector of use shows that:
- Building and Construction All materials prices increased by 4.6% in the
year since March 2010. The most notable yearly changes were increases in
Copper pipes and fittings (+37.3%), Reinforcing Metal (+24.9%) and Other
rough timber excluding hardwood (+14.3%) while there were dropsn
Precast Concrete (-13.4%), Ready mixed mortar and concrete (-6.9%) and Stone
(-6.8%). Building and Construction All material prices dipped by 0.7% in the
- Year on year, the price of Capital
Goods dropped by 2.6%, while the monthly price index fell by 0.3%.
- The price of Energy products
increased by 5.7% in the year since March 2010, while Petroleum fuels
increased by 16.2%. In March 2011, the monthly price index for Energy
products increased by 1.8%, while Petroleum fuels increased by 4.7%.