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News : Irish Economy Last Updated: Apr 26, 2011 - 3:05 PM

Irish factory gate prices fell in March due to fall in US dollar; Annual prices increase up 0.9%
By Finfacts Team
Apr 26, 2011 - 12:23 PM

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Source: CSO

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 2011.

The majority of Irish manufactured sales are intra-company and priced in US dollars.

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 preparations (-0.9%).

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 month.
  • 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%.

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