New figures from the Central Statistics Office show that manufacturing - or factory gate - prices fell by 1% in August compared to July.

But the CSO said that manufacturing prices on an annual basis increased by 5.4% in August of this year compared to the same time last year.

The biggest change in August on a monthly basis was an increase in wood and wood products, which rose by 2.7%. 

There was a 2% falls in other food products - including bread and confectionary, while computer, electronic and optical products fell by 1% and basic pharmaceutical products and preparations were down 0.8%.

Today's figures also show that the price of energy products decreased by 2.5% in the year to August, while petroleum fuels slumped by 15.1%. 

They also reveal that building and construction materials increased by 1% in the 12 month period to August.

The CSO noted a 12.3% increase in hardwood prices, an 8.9% rise in stone prices and a 5% increase in lighting equipment.