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News : Irish Economy Last Updated: Sep 20, 2011 - 3:38 PM

Annual Irish factory gate prices fell by 1.0% in year to August; US dollar/Euro movement a key determinant of price changes
By Finfacts Team
Sep 20, 2011 - 2:12 PM

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Source: CSO

Monthly Irish factory gate prices fell by 0.4% in August 2011. This compares to an increase of 0.2% recorded for August 2010. As a result, the annual percentage change showed a decrease of 1.0% in August 2011, compared with a decrease of 0.4% in the year to July 2011. As Irish manufacturing is overwhelmingly dominated by US firms, monthly average weighted price changes usually follow changes in the rate of the euro versus the US dollar.

For example, while prices in many sectors increased, prices of electronic an pharmaceutical products, fell.

The Central Statistics Office said that in the month, the price index for export sales decreased by 0.5% while the index for home sales increased by 0.1%. In the year there was a decrease of 2.2% in the price index for export sales (this can be influenced by currency fluctuations) and an increase of 4.7% in respect of the price index for home sales.

In the month the most significant changes were increases in fish and fish products (+1.9%), electrical equipment (+1.4%), and Grain milling, starches and animal feeds (+1.0%) while there were decreases in other food products including bread and confectionary (-1.1%), computer, electronic and optical products (-0.8%) and basic pharmaceutical products and pharmaceutical preparations (-0.6%).

Contributing to the annual change were increases in dairy products (+10.1%), meat and meat products (+8.1%) and other manufacturing including medical and dental Instruments and Supplies (+3.2%), while there were decreases in computer, electronic and optical products (-6.4%), basic pharmaceutical products and pharmaceutical preparations (-3.6%) and other food products including bread and confectionary (-1.1%).

The yearly price index for mining and quarrying increased by 7.4% while there was a monthly increase of 0.2%.

Building and Construction All materials prices increased by 2.0% in the year since August 2010. The most notable yearly changes were increases in copper pipes and fittings (+25.9%), insulating materials (+11.9%) and
other timber excluding windows and doors (+8.3%) while there were decreases in PVC pipes and fittings (-9.6%), precast concrete (-8.8%) and protection and communication equipment (-4.2%). Building and
Construction All material prices increased by 0.6% in the month.

Year on year, the price of Capital Goods decreased by 2.8%, while the monthly price index increased by 0.3%.  The price of Energy products increased by 3.3% in the year since August 2010, while petroleum fuels increased by 9.1%. In August 2011, the monthly price index for energy products decreased by 1.4%, while petroleum fuels decreased by 3.7%.

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