Factory gate prices fall 2.6%

Manufacturing prices fell 2.6 per cent in the year to February, new figures from the Central Statistics Office showed today.

However, the rate of decline eased slightly compared to January, when factory gate prices fell 2.8 per cent.

This was aided by a fall in prices for basic chemicals, which slipped 9.9 per cent, and office machinery and computers, which showed a 4.6 per cent decline.

On a monthly basis, factory gate price rose 1 per cent, slightly ahead of the 0.9 per cent recorded for the same period last year.

Material prices for building and construction fell 0.1 per cent over the year, with reinforcing metal and steel experiencing the largest declines.

The prices of capital goods was also down, dipping 0.2 per cent in the year. However, this showed a gain of 0.1 per cent on a monthly basis.

Energy prices fell 4.3 per cent annually but was static for the month. Petroleum products showed an annual rise of 22.1 per cent, compared to a monthly decrease of 0.1 per cent.

The most significant changes over the month were witnessed in radio, television and communication equipment, which rose 2.1 per cent, while office machinery and computers was up 2 per cent. The prices of pharmaceuticals fell 1.1 per cent.

The price index for export sales rose by 1.0 per cent in the month compared to an annual decrease of 3.2 per cent, and the monthly home sales index rose 0.6 per cent compared to a 0.7 per cent annual fall.