The inflation rate, according to the Consumer Price Index (CPI), was 0.8% in December 2024, down from 1.6% in November. This decline reflects a trend of slowing price growth across various sectors of the economy.
In December, the inflation rate based on the CPIF (Consumer Price Index with fixed interest rates) was 1.5%, a decrease from November’s 1.8%. This indicates that inflationary pressures have eased slightly, providing some relief to consumers and businesses alike.
The overall price development from November to December was flat, with prices remaining unchanged. This contrasts with the same period in the previous year, where prices increased by 0.7%. This stagnation may be attributed to various factors influencing consumer spending and economic activity.
Certain sectors experienced price increases, such as package holidays and transportation services, particularly international flights. Additionally, clothing and footwear saw price hikes during this period, reflecting changing consumer preferences and market dynamics.
Conversely, electricity prices and accommodation costs decreased during this time frame. These reductions may have been influenced by factors such as changes in energy market dynamics and seasonal fluctuations in demand for accommodation.
Housing costs also saw a slight decline on an annual basis, a trend not observed since November 2020. This may have implications for households and individuals managing their budgets and expenses in the current economic climate.
Excluding energy products, the inflation rate (CPIF-XE) was 2% in December, down from 2.4% in November. This suggests a moderation in price growth across non-energy sectors, indicating a broader trend of price stability in the economy.
Overall, the latest inflation data provides insights into the evolving economic landscape and consumer behavior. As policymakers and businesses navigate these trends, understanding the underlying factors driving price movements is crucial for making informed decisions and planning for the future.