According to the latest forecasts by the Planning Bureau, inflation is expected to be 3.1 percent this year, slightly lower than the previous forecast of 3.3 percent in April. In comparison, last year saw an annual inflation rate of 4.06 percent, while in 2022 it was 9.59 percent. Looking ahead, an average annual inflation rate of 1.9 percent is forecasted for next year.
The health index, which is important for the indexation of wages, social benefits, and rental prices, is also expected to be 3.1 percent this year and decrease to 2.0 percent in 2025. Last year, the health index was at 4.33 percent, while in 2022 it rose to 9.25 percent.
In April, the key index for government wages and social benefits was exceeded, leading to adjustments of 2 percent for social benefits in May and government employee wages in June. This increase is attributed to the rise in lifespan. The previous time this index was exceeded was in October last year, with the next expected exceedance predicted for February 2025, according to the Planning Bureau’s forecasts.
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