Irish producer prices jump 7.3% on-year in July as energy costs spike

Producer prices in Ireland climbed sharply in July amid a surge in energy costs, data published by the Central Statistics Office showed Friday.

The country’s producer price index inflation rate surged to 7.3% on-year in July from 3.5% in June.

Monthly, producer prices were 3.2% higher in July after a 0.2% dip in June.

Pertinently, wholesale electricity prices surged 56% on-year in Ireland in July, heating up from a 42% jump in June.

Monthly, wholesale electricity prices were 15% higher in July after a 6.2% decline in June.