Istat confirms inflation at 1% in 2024, food at 2%

2024 ended without shocks to the pockets of Italians. According to the latest data published by Istat, inflation recorded a growth of1% in the year just ended, down compared to 2023 (+5.7%). A slowdown that also affected the prices of shopping cartwhich went from +9.5% in 2023 to +2% this year. In December, the carryover of inflation to 2025 rose to 0.3%.

Inflation numbers

According to data published by Istat, in 2024 consumer prices in Italy recorded an overall growth of1%. A decidedly lower figure compared to the +5.7% recorded in the previous year, confirming a general slowdown in inflation.

Net of the prices of energy goods and fresh food (“underlying inflation”), we observe that i consumer prices they grew up 2% in 2024, still sharply decreasing compared to +5.1% in 2023, confirming the moderate growth in prices of other goods and services.

According to estimates, in December 2024 the national consumer price index for the entire community (NIC), recorded a slight increase in 0.1% compared to the previous month. Compared to the same month last year, however, there was an increase in1.3%thus confirming the initial predictions. Therefore, despite a slight increase, the inflation rate remained substantially stable compared to previous months.

As underlined by Istat, the significant slowdown in inflation recorded in 2024 is mainly attributable to sharp drop in energy prices. In fact, energy goods have suffered a contraction of 10.1% compared to 2023, compared to a 1.2% increase the previous year.

Also the food sector contributed to moderating price growth, recording an increase of 2.2% compared to 9.8% in 2023. However, the percentage increase in food prices remained above the inflation rate.

Core inflation slowed sharply in 2024, going from +5.1% in 2023 to +2.0%. Similarly, the prices of the “shopping cart” recorded a more moderate growth, reaching +2.0%. Interestingly, inflation showed a slight upward trend in December, with an estimated drag of 0.3% for 2025.

Inflation, just “an optical illusion”

For the President of the National Consumers Union, Massimiliano Donathe decline in inflation is “an optical illusion in terms of the cost of living. Prices, in fact, after rising by 5.7% in 2023, did not decrease, but in 2024 they only slowed down their rise, having however already reached, two years ago, levels that were unsustainable for families’ pockets. In short, the price increases of 2024 are added to those of 2023″.

According to Dona, the increase in the cost of living in 2024 is in addition to what Italian families had to pay in 2023: “If average inflation of +1% means, for a couple with two children, an increase in cost of living overall equal to 272 euros on an annual basis, this increase is in addition to the 1,734 euros due to the 2023 increases that families continue to pay, for a total of 2,006 euros in two years. Not to mention that in 2024 – underlines Dona – the ones that will weigh most heavily on budgets are above all food products and non-alcoholic drinks, which cost 219 euros more, and the shopping cart which will rise by 2.0%”