This follows a third decrease in prices in June compared to June 2022, as reported by the Central Statistics Office (CSO), which is a government agency.

When compared to July of last year, wholesale power costs, or what is paid for electricity from the Single Power Market system, fell by 17.9% between June and July.

Future consumer prices may be predicted by changes in wholesale prices, which may rise or fall.

Edel Flannery, a senior statistician in the CSO's pricing office, noted that wholesale electricity prices were at their lowest point in the previous two years.

Prices last fell below the present level in June 2021, according to this statement.

According to the Wholesale Price Index, released on Tuesday by the Central Statistics Office, producer prices for food goods decreased by 8.1% in the year leading up to July, while the index for food, drinks, and tobacco decreased by 7.1%.

In July, domestic producer prices for manufactured products increased on average by 0.2% from a year earlier, while producer prices for exported goods decreased by 5.4%.

A 14.9% increase in the fruit and vegetable industry, a 17% drop in the dairy sector, and a 15% increase in drinks were among the most noteworthy changes to producer pricing in the year leading up to July.

The building and construction (i.e., materials and salaries) index down by 0.2% in the month but was 2.4% higher than the same month last year. Construction goods dipped by 0.4% in the month but climbed by 2.2% in the year.