The wholesale price of electricity fell further in January, dropping by 41.4% compared to December, according to the latest figures from the Central Statistics Office.
Wholesale electricity prices were 19.5% lower in January this year compared to January 2022.
Overall, the price of raw materials for goods produced for the domestic market rose by 8.2% on an annual basis while raw materials for export goods rose by 3.5%.
Food product ingredients rose by an average 6.2% on an annual basis. Within that, there was a 27% increase in the price of dairy ingredients, 19% increase in vegetables, 17% increase in the price of fish and grain and animal feeds rose by 15%.
The Building and Construction Index, which also takes account of wages in the industry, rose by 0.4% in January and is up 9.7% compared to the same month last year.
The price of some construction inputs continues to rise while some others have fallen.
Structural steel is up 73% on an annual basis, plaster is up 41% and cement is up 24%.
However, the price of rough and sawn timber has fallen over the past three months and is just over 18% lower than a year ago.
The price of petrol was just over 4% lower than a year ago while the price of diesel was just over 4% higher.
Wholesale prices paid by manufacturers for energy products fell by 37% last month when electricity is included and are 15.7% lower than January a year ago.
Energy products excluding electricity, which includes petrol and diesel, have all fallen in the past three months but are still 7.9% higher than a year ago.
Jillian Delaney, Statistician in the Prices Division of the CSO said that eElectricity prices decreased by 41.4% in January 2023 and were 19.5% lower than in January 2022.
"The Rough Timber (including plain sawn) category has seen large increases over the past two years. However, these prices have reduced in recent months and the index is now 18.1% lower than the same period in 2022," she added.