Irish food producers have experienced “significant” price hikes over the past 12 months, according to the CSO.
In addition, the cost of wood, metals, glass, cement, concrete, stone, mining and quarrying all increased during the same period.
From June 2021 to June 2022, producer prices for dairy products increased by a whopping 49.1%. Additionally, meat products are up 14.5%, while grain, animal feed and starchy foods are up 11.7%.
According to CSO statistician Jillian Delaney, prices of several food products are now “significantly higher” than they were a year ago.
“Outputs from Irish manufacturers also increased in price in several other categories,” she said.
“Wood and wood products were 38.1% more expensive than this time last year. Basic metals were up 33% and other non-metallic mineral products such as glass, ceramics, cement, concrete, and stone rose by 23% per cent. Mining and quarrying prices also had a large annual increase of 23.7 per cent.”
On top of all this, wholesale electricity prices have surged by a staggering 91.3%. This likely means that consumer prices are due to go up considerably in the near future.
From May to June of this year alone, wholesale electricity costs shot up by 26.9%.