The results of a survey show that the recovery of the euro against sterling and the US dollar helped mitigate increases in some energy prices last month.
The Bord Gáis Energy Index for July registered a reading of 111, a 1% fall on the figure for June. If the euro had not strengthened, the index would have risen to 115, up 4% on the June figure.
The index is designed to track price movements in the wholesale energy market and looks at four key energy commodities - oil, gas, coal and electricity.
It shows that the price of oil rose from $71.50 to $78 a barrel last month, while the price of natural gas grew by 8% due to several issues including erratic flows from a Norwegian pipeline.
Prices for coal fell by 8% in July due to the mild summer weather and healthy vessel arrivals. Electricity prices remained at similar levels to those in June.
Launched in May, the Bord Gáis Energy Index is the first initiative of its kind in Ireland. Energy is a significant element of the Irish economy and it is estimated that Irish businesses spend close to €2 billion on energy every year.
