2024 Inflation Forecast. On the basis of these inflation forecasts, average consumer price inflation should be 3.1% in 2024 and 1.8% in 2025, compared to 4.06% in 2023 and 9.59% in 2022. Inflation is projected to increase in the fourth quarter of this year before returning to target by the end of 2025 as cost pressures ease and the impact of past monetary policy decisions gradually feeds through to consumer prices.

Headline inflation fell from a peak of 10.6% in october 2022 to 2.6% in july of this year. We project inflation to continue to fall, averaging 2.4% in 2024 and then.