New figures from the Central Statistics Office show that wholesale electricity prices were up by 21.7% in May when compared to April and were 2.4% higher than May 2023.
But they have decreased by 24.8% since May 2022 and have fallen by 72.2% from their peak in August 2022.
Today's CSO figures also show that producer prices for food products fell by 0.6% in the month and dropped by 6.5% in the 12 months to May.
The CSO noted that producer prices for dairy products increased by 0.6% in the month to May but have dropped by 15.4% since May last year.
Several other food categories showed notable changes in May compared with the same month in 2023, including Other Food Products, which decreased by 8.5%, while prices for Grain Milling, Starches and Animal Feeds dropped by 6%, but Fish and Fish Products rose by 6.9%.
Meanwhile, producer prices for construction products rose by 0.3% in May but fell by 0.3% on an annual basis.
The CSO said that overall wholesale price inflation showed a decrease in May with a drop of 2.8% in the overall Producer Price Index for manufacturing industries in the month.
Producer prices for manufactured goods sold on the domestic market were on average 1.4% lower in May when compared with a year earlier, while producer prices for exported goods were up by 1.1%.
Overall, manufacturing producer prices were 0.9% higher in the year, it added.
