Inflation ticked higher to year’s end, as consumers paid 2.1 per cent more in December than they did a year before for a selected basket of goods and services.

The latest Consumer Price Index figures from the Department of Statistics show a higher upward turn than was experienced in the year-over-year differential in the previous three months.

The annual average percentage was 1.9 per cent in 2024, demonstrating a continued moderation of the average rate of price growth, which was down from 3.3 per cent in 2023, officials from the Ministry of Economy and Labour stated.

They said it marked the second consecutive year of moderating price increases.

However, consumers still faced pressure at the end of the year, with December’s annual inflation rate hitting 2.1 per cent, up a full percentage point from the previous month.

The CPI tracks changes in the cost of a representative basket of goods and services. Between December 2023 and December 2024, several key categories saw notable increases.

Rent rose 2.1 per cent, health and personal care increased 3.1 per cent, food prices climbed 2.8 per cent, transport and foreign travel went up 2.7 per cent and education, recreation, entertainment and reading rose 1.6 per cent.

Month-to-month, overall prices rose 0.4 per cent between November and December. The biggest jump came from transport and foreign travel, which surged 1.8 per cent in that period, followed by rent, which increased 0.6 per cent.

Food costs, an area closely watched by many residents, saw a modest 0.1 per cent rise from November to December. Vegetables led the increase with an 8.1 per cent annual rise, followed by fruit and juices at 4.3 per cent and dairy products and eggs at 3.4 per cent. Some food categories, such as meats and cereal products, saw slight decreases.

The report also showed that electricity costs, part of the fuel and power category, dropped 2.6 per cent over the year.

The basket of goods and services that cost $100 in April 2015 now costs $118.40, according to the CPI.