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News : Irish Economy Last Updated: May 24, 2011 - 3:42 PM


Annual Irish factory gate prices fell in April compared with rise in March; Movement of US dollar versus euro main factor
By Finfacts Team
May 24, 2011 - 2:12 PM

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Source: CSO

Annual Irish factory gate prices fell in April compared with rise in March and the main factor in price changes is movement of the US dollar versus the euro as Irish manufacturing is dominated by US-owned firms.

The US dollar fell in April compared with the euro, making US dollar raw material inputs cheaper in euros and also cutting the euro price of fixed dollar priced intra-company exports.

The Central Statistics Office said that monthly Irish factory gate prices fell by 0.7% in April 2011. This compares to an increase of 1.0% recorded for April 2010. As a result, the annual percentage change showed a decrease of 0.8% in April 2011, compared with an increase of 0.9% in March 2011.

In the month, the price index for export sales decreased by 1.2% while the index for home sales increased by 1.1%. In the year there was a decrease of 2.0% in the price index for export sales (this can be influenced by currency fluctuations) and an increase of 4.9% in respect of the price index for home sales.

In the month the most significant changes were increases in Meat and meat products (+1.4%), Basic metals (+1.1%) and Dairy products (+0.9%) while there were decreases in Computer, electronic and optical products (-2.6%), Other food products including bread and confectionary (-1.0%) and Basic pharmaceutical products and pharmaceutical preparations (-0.7%).

Contributing to the annual change were increases in Dairy products (+9.2%), Meat and meat products (+8.4%) and Other Manufacturing including Medical and Dental Instruments and Supplies (+2.8%), while there were decreases in Basic pharmaceutical products and pharmaceutical preparations (-8.2%), Machinery and equipment not elsewhere classified (-2.0%) and Computer, electronic and optical products (-1.7%).

The yearly price index for Mining and quarrying increased by 10.4% while there was a monthly increase of 1.5%.

A further analysis of Wholesale price changes by sector of use shows that:

Building and Construction All materials prices increased by 5.0% in the year since April 2010. The most notable yearly changes were increases in Copper pipes and fittings (+37.5%), Reinforcing Metal (+28.1%) and Rough timber excluding hardwood (+14.3%) while there were decreases in Precast Concrete (-13.4%), Stone (-10.1%) and Protection and communication equipment (-6.0%). Building and Construction All material prices increased by 0.3% in the month.

Year on year, the price of Capital Goods decreased by 2.6%, while the monthly price index increased by 0.1%.

The price of Energy products increased by 6.0% in the year since April 2010, while Petroleum fuels increased by 17.0%. In April 2011, the monthly price index for Energy products increased by 0.5%, while Petroleum fuels increased by 1.6%.

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