A neutron inelastic scattering experiment was performed at the Geel Electron Linear Accelerator neutron source using an enriched 54Fe sample. The $\gamma$ rays produced in the reaction were detected using the Gamma Array for Inelastic Neutron Scattering spectrometer. For each observed transition we determined the $\gamma$ -production cross section for incident energies ranging from the inelastic threshold ( $\approx 1.434$ MeV) up to 18 MeV. Using these primary data we also calculated the cross section of the first excited level and the total inelastic cross section. Our experimental results are compared with previous reported values, evaluated nuclear data libraries and theoretical calculations performed with the TALYS 1.9 code. A careful tuning of the optical model parameters allowed significant improvements in the description of the experimental results leading to interesting conclusions regarding the interaction of the 54Fe nucleus with neutrons.