New figures from the Central Statistics Office show that electricity prices decreased by 34.4% in May compared to April.
But the CSO said the price of electricity was still 48.2% higher in May of this year compared to the same month last year.
The price of wholesale energy products followed these trends, with a decrease of 28.5% on April 2022, and an increase of 45.7% when compared to May 2021.
This was mainly due to the fall in wholesale electricity prices.
The CSO said that overall wholesale - or factory gate - prices increased by 0.5% in May on a monthly basis.
This compares to a decrease of 1.5% for May of last year.
The annual percentage change showed an increase of 7.3% in May of this year, compared to an increase of 5.2% in the year to April, the CSO added.