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Consumer Price Index: 2024 in review

January 24, 2025

The Consumer Prices Index for all items rose 2.9 percent from December 2023 to December 2024. Food prices increased 2.5 percent, reflecting a 1.8-percent increase in prices for food at home and a 3.6-percent increase in prices for food away from home.

12-month percent change in the Consumer Price Index for All Urban Consumers, selected items
Category Dec 2023 to Dec 2024 Dec 2022 to Dec 2023 Dec 2021 to Dec 2022 Dec 2020 to Dec 2021 Dec 2019 to Dec 2020

Eggs

36.8 -23.8 59.9 11.1 -1.5

Motor vehicle insurance

11.3 20.3 14.2 4.1 -4.8

Airline fares

7.9 -9.4 28.5 1.4 -18.4

Utility (piped) gas service

4.9 -13.8 19.3 24.1 4.1

Shelter

4.6 6.2 7.5 4.1 1.8

Meats, poultry, fish, and eggs

4.2 -0.1 7.7 12.5 4.6

Education

4.0 2.4 3.3 2.0 1.4

Hospital and related services

4.0 5.6 4.6 3.3 3.1

Food away from home

3.6 5.2 8.3 6.0 3.9

All items less food and energy

3.2 3.9 5.7 5.5 1.6

All items

2.9 3.4 6.5 7.0 1.4

Electricity

2.8 3.3 14.3 6.3 2.2

Medical Care

2.8 0.5 4.0 2.2 1.8

Physicians' services

2.6 -0.6 1.7 4.3 1.7

Food

2.5 2.7 10.4 6.3 3.9

Personal care

2.5 5.0 6.6 3.4 1.8

Nonalcoholic beverages and beverage materials

2.3 2.6 12.6 5.2 4.4

Food at home

1.8 1.3 11.8 6.5 3.9

Dairy and related products

1.3 -1.3 15.3 1.6 4.4

Apparel

1.2 1.0 2.9 5.8 -3.9

Prescription drugs

1.1 3.3 1.8 0.0 -2.4

Recreation

1.1 2.7 5.1 3.3 0.9

Fruits and vegetables

1.0 0.3 8.4 5.0 3.2

Cereals and bakery products

0.8 2.6 16.1 4.8 3.2

Other food at home

0.8 2.8 13.9 5.6 3.9

Household furnishings and operations

0.7 0.4 6.7 7.4 3.2

Nonprescription drugs

-0.3 8.3 5.4 0.8 -1.4

New vehicles

-0.4 1.0 5.9 11.8 2.0

Energy

-0.5 -2.0 7.3 29.3 -7.0

Communication

-1.8 -1.7 -1.1 1.3 2.4

Used cars and trucks

-3.3 -1.3 -8.8 37.3 10.0

Gasoline (all types)

-3.4 -1.9 -1.5 49.6 -15.2

Fuel oil

-13.1 -14.7 41.5 41.0 -20.0

Note: Data are not seasonally adjusted.

Prices for all six major food at home groups increased from 2023 to 2024. Prices for meats, poultry, fish, and eggs increased the most, up 4.2 percent. Within this larger category, egg prices rose 36.8 percent, following a decline of 23.8 percent in 2023. Nonalcoholic beverages and beverage materials prices increased 2.3 percent, while dairy and related products prices rose 1.3 percent. Fruits and vegetables prices were up 1.0 percent. Prices for cereals and bakery products and other food at home each increased 0.8 percent.

Costs for energy fell 0.5 percent in 2024, a smaller decrease than 2.0 percent in 2023. Utility gas service prices increased 4.9 percent, after declining 13.8 percent in 2023. Gasoline prices declined 3.4 percent in 2024, following a decline of 1.9 percent in 2023. In contrast, electricity prices continued to increase, rising 2.8 percent in 2024 after increasing 3.3 percent in the prior year.

Motor vehicle insurance prices rose 11.3 percent, a smaller increase compared with the 20.3 percent in 2023. Prices for airline fares increased 7.9 percent after declining 9.4 percent the prior year. Used cars and trucks and new vehicles prices continued to decline from the previous year, falling 3.3 percent and 0.4 percent, respectively.

Medical care prices rose 2.8 percent in 2024, following an increase of 0.5 percent in 2023. From December 2023 to December 2024, prices for hospital and related services rose 4.0 percent and physicians’ services increased 2.6 percent. Prescription drug prices increased 1.1 percent over the year. Nonprescription drug prices declined 0.3 percent after increasing 8.3 percent the previous year.

These data are from the Consumer Price Index program and are not seasonally adjusted. For more information, see "Consumer Price Index — December 2024." We also have more charts on consumer prices.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Consumer Price Index: 2024 in review at https://www.bls.gov/opub/ted/2025/consumer-price-index-2024-in-review.htm (visited February 16, 2025).

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