The inflation rate fell to 6.2% in December 2024, compared with 6.6% in November. The annual inflation rate for 2024 was 7%, compared with 9.3% in 2023, the National Statistics Institute (INS) announced on Monday.
This fall in inflation in December 2024 is mainly due to a slowdown in the annual rate of increase in the ‘food’ group.
Year on year, food prices rose by 7.2%. This was mainly due to price increases of 21.3% for sheepmeat, 19.7% for poultry, 14.8% for dried fruit, 14.2% for fresh vegetables, 12.8% for fresh fish and 9.2% for beef. In contrast, the price of Edible oil dropped by 8.3%.
Over the year as a whole, industrial goods rose by 6.1%, driven by a 9.7% increase in the price of clothing and footwear and a 7.8% rise in the price of household goods.
In services, prices rose by 5.4% year-on-year, mainly due to an 11.7% increase in the price of restaurant, café and hotel services.
In December 2014, the core inflation rate (excluding food and energy) remained stable at 6.3%. The price of unregulated products rose by 6.9% year-on-year, while the price of regulated products rose by 3.8%.
Non-regulated food prices increased by 8.1%, compared with 1.3% for regulated food.
