Shopping in supermarkets and stores is suffocating for many families, especially the most vulnerable. The INE has confirmed this wednesday that food inflation moderated to 3.6% on average in 2024. That is, the prices of “food and non-alcoholic beverages” rose by 3.6%, but they did so eight points less than in 2023 , when the average inflation was 11.7%, always according to the Statistics CPI (Consumer Price Index).
In the interannual calculation, comparing the last month with the same month of the previous year, food inflation has remained contained and closed the year at 1.8%. That is, filling the comparison cart was 1.8% more expensive in December 2024 than in December 2023.
“It should be noted that food inflation has slowed down significantly in 2024, closing 5.5 points below that registered in December 2023,” highlights, in fact, the Ministry of Economy in its official assessment of the data published by the INE (National Institute of Statistics).
“In this moderation, the drop in the price of olive oil is especially relevant, which fell by 12.3%” in December 2024, compared to the same month in 2023. It is the second consecutive month in which gold has become cheaper. ‘liquid, in this year-on-year calculation
Olive oil is one of the products that has skyrocketed the most in this price crisis. The accumulated inflation is 132% since 2020. Or what is the same, its price has multiplied by 2.3 times in this period. The good news is that, since April 2024, it has become cheaper by around 20%.
The accumulated increase in all “food and non-alcoholic beverages” since the end of 2020 is 32.6%.
General moderation of price increases
If general inflation is observed, relief for families’ pockets is also detected. The average CPI in 2024 was 2.8%, compared to the average 3.6% in 2023, eight tenths less.
“This reduction highlights the effectiveness of the economic policy measures implemented, which are making it possible to make the greater growth among the main economies of the euro zone compatible with a continued reduction in inflation,” they defend from Economía.
In the interannual calculation, general inflation remained at 2.8% in December, as can be seen in the graph. Meanwhile, underlying inflation, which excludes food and energy from the measurement because they are the most volatile prices, went to 2.6% in December.
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