In January 2024, consumer prices decreased by 0.4% month-on-month and increased by 7.2% on average over the last twelve months
Compared to the previous month, household final consumer prices fell by 0.4%, after increasing by 0.1% the previous month. This decrease is almost entirely attributed to lower food prices. On the other hand, prices increased for restaurants and hotels (+0.1%, as in the previous month), “furniture, household items and routine household maintenance” (+0.2% after -0.1%), as well as for alcoholic beverages, tobacco and narcotics (+0.2% after +0.1%). This monthly decline is mainly linked to food prices, which have seen their second decline since January 2023 (the first having been recorded in November 2023). Prices of vegetables (-2.9% after -1.1%) and fish and seafood (-0.7% after -0.2%) fell more compared to the previous month. Prices of oils and fats (-1.5% after +0.6%), fruit (-2.0% after +2.5%) and meat (-0.6% after +1.0%) declined. Conversely, the prices of bread and cereals rebounded (+0.1% after -0.1%). Compared to the same month in 2023, the general price level increased by 5.2% in January 2024, mainly due to the 5.4% increase in food prices and the 17.0% increase in transport costs. Since peaking at 8.5% in March 2023, year-on-year inflation has gradually slowed back to 5.9% in December 2023 and reached 5.2% this month.
a 16.2% increase in transport costs.
