The Federal Planning Bureau has revised up its forecast for inflation in 2024. In its latest forecast that was published on Tuesday the Bureau now forecasts inflation to average 3% this year. Previous forecasts had predicted an average annual inflation rate of 2.8%. An inflation rate of 1.8% is predicted for 2025.
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Planning Bureau revises up its inflation forecast for 2024
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The Federal Planning Bureau predicts that the so-called “trigger index” that triggers a 2% rise in pensions, benefits and public sector wages will be exceeded next month. This means that pensions and benefits will rise by 2% in May and public sector wages in June.
Private sector wages are also pegged to inflation. However, they increase at fixed times during the year according to the collective labour agreement that is applicating to a particular sector.