Index shows 24% annual rise in energy costs
Energy costs increased by 2% month-on-month in July, amid rising oil prices and a weakening euro against the dollar and sterling.
The Bord Gáis Energy Index shows that energy prices this July are 24% higher than during the same month last year, with the high cost of oil being the main contributor to the rise.
It is also predicting that wholesale gas prices will be 30% higher this winter than they were in 2010.
Michael Kelleher, Energy and Trading Analyst with Bord Gais, said oil prices dropped slightly last week, giving a brief respite.
"We did see prices drop off a little bit on Thursday and Friday at the end of last week," he said, adding that fears over the global economy re-entering recession had fuelled the decrease.
However Mr Kelleher added that China is driving the demand for oil, meaning that any respite is likely to be short-lived.
"The Chinese economy will continue to grow, and that's where the real increase in demand for oil is coming at the moment," he said.
"Any increase or decrease in oil prices in the short term will really be sentiment-driven rather than (driven by) any strong fundamentals."
