Producers' prices to other businesses up 1.7pc in Q1
THE average prices charged by Irish service producers to other businesses rose 1.7pc in the first quarter compared to the same period last year as the cost of air travel soared, the Central Statistics Office said.
The experimental Services Producer Price Index, which was unveiled last month, measures changes in the average prices charged by domestic service producers to other businesses.
The services are provided to business customers and are not a measure of inflation.
The biggest changes were seen in air transport (up 11.7pc) as the euro's decline against the euro pushed up prices, sea and coastal transport (up 2.2pc), industrial and building cleaning (down 5pc) and architecture, engineering and technical testing (down 4.6pc).
The most notable quarterly price increases were air transport which jumped 11.3pc, employment and human resource activities (up 2pc), advertising, media presentation and market research (up 1.9pc).
There were decreases in sea and coastal transport (down 3.1pc) and warehousing, storage and cargo handling (down 0.6pc).
The new measure of price changes in the services sector is still under development and the figures should be treated as "provisional and subject to revision", the CSO said yesterday.
The index covers transaction costs from business to business and excludes consumers who are covered in the Consumer Price Index (CPI), the Cork-based statistics office added.