Informations Rapides · 15 January 2025 · n° 6

In 2024, sharp slowdown in consumer prices on annual average Price Index – Annual average rates of change - year 2024

On average over the year, consumer prices slowed down strongly in 2024. The inflation was up by 2.0% after two years of high inflation (+4.9% in 2023 and +5.2% in 2022). Excluded tobacco, consumer prices were also less dynamic than in 2023: +1.8% in 2024, after +4.8% in 2023. The decrease in inflation on annual average was driven by the sharp slowdown in food price (+1.4% in 2024 after +11.8%) and by the stability of those of manufactured products (after +3.5%) and, to a lesser extent, by the slowdown in prices of energy (+2.3% after +5.6%) and services (+2.7% after +3.0%). Conversely, the prices of tobacco accelerated slightly (+10.3% after +8.0%).

As an annual average, the Harmonised Index of Consumer Prices (HICP) rose by 2.3% in 2024 after +5.7% in 2023.

In 2024, the food prices went up by +1.4% on average, a much lower rise than the one in 2023, (+11.8%). The prices excluding fresh products slowed down (+1.3% on average after +12.2%), as those of fresh food (+1.9% on average after +9.6%).

In 2024, the prices of manufactured products were stable on average, after +3.5% in 2023. The prices of “other manufactured products” slowed down after four consecutive years of acceleration (+0.2% on average after +4.7% in 2023 and +4,1% in 2022). Those of clothing and footwear slowed down for the second consecutive year (+0.4% on average after +2.5%), while the prices of health products kept falling (-1.2% on average in 2024 after ‑0.7% in 2023).

In 2024, the prices of energy slowed again (+2.3% on average, after +5.6% in 2023) notably due to the further fall in petroleum product prices (‑4.7% after ‑1.7%). The prices of gas fell back slightly (‑1.0% after +14.3%), while, conversely, those of electricity accelerated again (+15.7% on average after +12.9%).

The prices of transport services increased less on average than in 2023 (+2.5% after +6.3%).

In 2024, the prices of services for dwellings (actual rentals, supply of water and refuse collection fees, sewage collection and heat energy) increased by 2.8% on average, as in 2023.

Similarly, the prices of “other services” were on the rise in 2024 at the same rate as in 2023 (+3.9% on average). The prices of catering slowed down (+3.1% on average after +5.3%) like those of accommodation services (+3.1% on average after +3.8%), and, conversely, those of insurance services accelerated (+8.0% on average after +3.4%) and those of cultural and recreational services bounced back (+3.6% on average after ‑4.3 %).

The prices of health services were slightly on the rise in 2024 (+0.6% on average after ‑0.2%).

The decrease in prices of communication services accentuated on average (‑8.1% after ‑3.6%), notably due to the decrease in prices of wireless telephone service (‑15.5% after ‑9.0%) and telecommunication service prices (‑8.4% after ‑0.1%).

According to their consumption structure, households were subject to a global inflation more or less pronounced. In 2024, on average, the increase in prices was almost uniform for all population categories, between +1,8% and +2,1%.