20.01.2025 - The Producer and Import Price Index remained unchanged in December 2024 compared with the previous month, at 106.3 points (December 2020 = 100). Compared with December 2023, the price level of the whole range of domestic and imported products fell by 0.9%. Average annual inflation stood at -1.7% in 2024. These are the results from the Federal Statistical Office (FSO).
In the Producer Price Index, higher prices were recorded than in the previous month for cocoa and chocolate products in particular. Pharmaceutical preparations in particular were responsible for a fall in the Import Price Index compared with November 2024. Prices also fell for basic metals and semi-finished metal products as well as for builders' and interior joinery. In contrast, green coffee, petroleum products, leather and related products, footwear, table grapes and petroleum and natural gas became more expensive.
The average annual inflation rate for 2024 corresponds to the rate of change between the annual average for 2024 and that for 2023. The annual average is equal to the arithmetic mean of the 12 monthly indices of the calendar year. Average annual inflation was -1.7% in 2024. This decline is due in particular to lower prices for pharmaceutical products. Petroleum and natural gas, petroleum products and chemical products also became cheaper. In contrast, electricity prices rose. While domestic producer prices fell by 0.5%, import prices fell by 4.0%. In 2023, the average annual inflation rate was +0.2%, whereas in 2022 it had been +5.6%.
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