Irish Annual Manufacturing Prices fell 3.1% in November 2007

The CSO reported today that factory gate prices decreased by 1.1% in November 2007. This is the same as the decrease recorded for November of last year. As a result, the annual percentage change showed a decrease of 3.1% in November 2007, the same as the decrease in October 2007.

The Irish data shows a contrary trend to producer prices in the UK and US. The Irish manufacturing sector is dominated by US-owned multinationals.

In the month, the index for export sales decreased by 1.3% while the index for home sales decreased by 0.1%. In the year there was a decrease in export sales of 4.6% and an increase in home sales of 3.2%.
In the month the most significant changes were decreases in Office machinery and computers (-2.1%), and Basic chemicals (-1.3%).
Contributing to the annual change were decreases in Office machinery and computers (-12.8%), Medical, precision and optical instruments, watches and clocks (-16.5%), and Basic chemicals (-3.1%), while there was an increase in Dairy products (+17.4%).
The yearly price index for Mining and quarrying decreased by 15.7% while there was a monthly decrease of 6.9%.

Breaking down Wholesale price changes by sector of use shows that:

1.Building and construction All material prices increased by 3.0% in the year since November 2006. The most notable yearly changes were increases in Bituminous emulsions (+18.3%), Cement (+9.6%), and Stone, sand and gravel (+9.0%). Building and construction All material prices increased by 0.1% in the month.
2.Year on year, the price of Capital goods increased by 2.2%, while there was a monthly price increase of 0.1%. The price of Energy products increased by 11.3% in the year since November 2006, while Petroleum fuels increased by 24.4%. In November 2007, there was a monthly decrease in Energy products of 1.7%, while Petroleum fuels increased by 8.4%.