A slowdown in food prices in 2024

Food prices recorded a limited increase of 1.4% in 2024, a sharp contrast to the 11.8% surge observed the previous year, according to data released by Insee this Wednesday, January 15.

A global decline in inflation
Overall inflation saw a significant drop in 2024, with an average price increase of 2%, compared to 4.9% in 2023 and 5.2% in 2022. This slowdown was driven by the moderation of food prices, as well as the stability of manufactured goods. Energy prices rose by 2.3%, while service prices increased by 2.7%, levels significantly lower than in previous years.

A gradual return to normalcy
Before the onset of the war in Ukraine, inflation in 2021 had risen by only 1.6%. Insee predicts that this downward trend will continue into 2025, with an annual inflation rate expected to reach +1% by June.

Finally, consumer prices maintained a 1.3% increase over twelve months in December, similar to November. Compared to the previous month, they showed a slight rise of 0.2%, reversing the 0.1% drop recorded in November.

This slowdown in inflation appears to signal a gradual return to economic stability, providing relief to households after several years of intense pressure on their purchasing power.