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Consumer Price Index - Inflation forecasts [06-07-2010]
Monthly evolution of inflation
yoy growth rates in %, the values in the grey area are forecasts

The inflation forecasts presented below are based on observations until June 2010. The source of these observations is the FPS Economy. Forecasts from July 2010 on are made by the Federal Planning Bureau. These forecasts take an average oil price of 75 dollar per barrel in 2010 and 77 dollar per barrel in 2011 into account. The exchange rate of the euro should amount to 1.29 dollar per euro in 2010 and 1.25 dollar per euro in 2011.

Based on the monthly inflation forecasts, average consumer price inflation should be 2.0% in 2010 and 1.9% in 2011, compared to -0.05% in 2009 and 4.49% in 2008. The average growth rate of the so-called "health price index", used for the price indexation of wages, social benefits and house-rent, should be 1.5% in 2010 and 1.7% in 2011, compared to 0.59% in 2009 and 4.22% in 2008.

The pivotal index for the public sector was crossed in August 2008. According to our monthly forecasts for the "health price index", the pivotal index for public wages and social benefits (currently standing at 112.72) should next be crossed in September 2010. As a result, social benefits should be adjusted (by 2%) to the higher cost of living in October 2010 and public wages should follow suit in November 2011. The next pivotal index (114.97) should not be crossed in 2011.

The inflation forecasts are updated the first Tuesday of every month (except for August) taking the latest available information into account. Next update: 7 September 2010.

Conversion coefficients
Consumer Prices : All Items

To convert an index with base year 2004 to base year 1996, the starting value has to be multiplied by 1.1493.
To convert an index with base year 1996 to base year 2004, the starting value has to be multiplied by 0.8701.

Health index

To convert an index with base year 2004 to base year 1996, the starting value has to be multiplied by 1.1377.
To convert an index with base year 1996 to base year 2004, the starting value has to be multiplied by 0.8790.

Consumer Prices : All Items (2011)
2011 Index (base year: 2004) Growth rates (%) (1)  
January 2011 114.61 2.28  
February 2011 115.15 2.34  
March 2011 115.08 1.89  
April 2011 115.22 1.67  
May 2011 115.50 1.51  
June 2011 115.67 1.67  
July 2011 115.82 1.85  
August 2011 115.87 1.94  
September 2011 115.97 1.81  
October 2011 116.07 1.81  
November 2011 116.10 1.81  
December 2011 116.35 1.77  

(1) Change (%) compared to same month of previous year. Red labels are forecasting estimations by the Federal Planning Bureau.

Health index (2011) used for indexation of wages and house-rent
2011 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2011 113.55 1.97 113.22
February 2011 114.10 1.97 113.49
March 2011 113.99 1.68 113.74
April 2011 114.12 1.58 113.94
May 2011 114.39 1.48 114.15
June 2011 114.54 1.60 114.26
July 2011 114.68 1.75 114.43
August 2011 114.71 1.83 114.58
September 2011 114.81 1.69 114.69
October 2011 114.91 1.69 114.78
November 2011 114.93 1.71 114.84
December 2011 115.19 1.66 114.96

(1) Change (%) compared to same month of previous year. Red labels are forecasting estimations by the Federal Planning Bureau.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2010)
2010 Index (base year: 2004) Growth rates (%) (1)  
January 2010 112.05 0.62  
February 2010 112.52 0.70  
March 2010 112.94 1.66  
April 2010 113.33 1.80  
May 2010 113.78 2.27  
June 2010 113.77 2.46  
July 2010 113.72 2.48  
August 2010 113.66 2.11  
September 2010 113.91 2.60  
October 2010 114.01 2.65  
November 2010 114.04 2.41  
December 2010 114.33 2.50  

(1) Change (%) compared to same month of previous year. Red labels are forecasting estimations by the Federal Planning Bureau.

Health index (2010) used for indexation of wages and house-rent
2010 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2010 111.36 -0.08 110.93
February 2010 111.90 0.13 111.24
March 2010 112.11 0.94 111.58
April 2010 112.34 1.05 111.93
May 2010 112.72 1.59 112.27
June 2010 112.74 2.03 112.48
July 2010 112.71 2.02 112.63
August 2010 112.65 1.80 112.71
September 2010 112.90 2.21 112.75
October 2010 113.00 2.13 112.82
November 2010 113.00 2.03 112.89
December 2010 113.31 2.12 113.05

(1) Change (%) compared to same month of previous year. Red labels are forecasting estimations by the Federal Planning Bureau.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2009)
2009 Index (base year: 2004) Growth rates (%) (1)  
January 2009 111.36 2.32  
February 2009 111.74 1.93  
March 2009 111.10 0.62  
April 2009 111.33 0.60  
May 2009 111.25 -0.37  
June 2009 111.04 -1.10  
July 2009 110.97 -1.68  
August 2009 111.31 -0.78  
September 2009 111.02 -1.19  
October 2009 111.07 -0.97  
November 2009 111.36 -0.12  
December 2009 111.54 0.26  

(1) Change (%) compared to same month of previous year.

Health index (2009) used for indexation of wages and house-rent
2009 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2009 111.45 3.34 111.27
February 2009 111.75 2.80 111.38
March 2009 111.07 1.60 111.38
April 2009 111.17 1.53 111.36
May 2009 110.96 0.69 111.24
June 2009 110.50 -0.11 110.93
July 2009 110.48 -0.67 110.78
August 2009 110.66 -0.20 110.65
September 2009 110.46 -0.62 110.53
October 2009 110.64 -0.58 110.56
November 2009 110.75 -0.31 110.63
December 2009 110.96 -0.25 110.70

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2008)
2008 Index (base year: 2004) Growth rates (%) (1)  
January 2008 108.84 3.46  
February 2008 109.62 3.64  
March 2008 110.42 4.39  
April 2008 110.67 4.15  
May 2008 111.66 5.21  
June 2008 112.28 5.80  
July 2008 112.87 5.91  
August 2008 112.18 5.39  
September 2008 112.36 5.46  
October 2008 112.16 4.72  
November 2008 111.49 3.14  
December 2008 111.25 2.63  

(1) Change (%) compared to same month of previous year.

Health index (2008) used for indexation of wages and house-rent
2008 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2008 107.85 2.79 107.10
February 2008 108.71 3.08 107.73
March 2008 109.32 3.89 108.33
April 2008 109.49 3.70 108.84
May 2008 110.20 4.61 109.43
June 2008 110.62 5.07 109.91
July 2008 111.22 5.22 110.38
August 2008 110.88 4.93 110.73
September 2008 111.15 5.15 110.97
October 2008 111.29 4.80 111.14
November 2008 111.09 3.89 111.10
December 2008 111.24 3.54 111.19

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2007)
2007 Index (base year: 2004) Growth rates (%) (1)  
January 2007 105.20 1.66  
February 2007 105.77 1.77  
March 2007 105.78 1.82  
April 2007 106.26 1.78  
May 2007 106.13 1.28  
June 2007 106.12 1.29  
July 2007 106.57 1.37  
August 2007 106.44 1.12  
September 2007 106.54 1.51  
October 2007 107.10 2.24  
November 2007 108.10 2.94  
December 2007 108.40 3.09  

(1) Change (%) compared to same month of previous year.

Health index (2007) used for indexation of wages and house-rent
2007 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2007 104.92 2.04 104.63
February 2007 105.46 2.08 104.91
March 2007 105.23 1.94 105.07
April 2007 105.58 1.91 105.30
May 2007 105.34 1.34 105.40
June 2007 105.28 1.30 105.36
July 2007 105.70 1.39 105.48
August 2007 105.67 1.24 105.50
September 2007 105.71 1.29 105.59
October 2007 106.19 1.79 105.82
November 2007 106.93 2.25 106.13
December 2007 107.44 2.64 106.57

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2006)
2006 Index (base year: 2004) Growth rates (%) (1)  
January 2006 103.48 2.63  
February 2006 103.93 2.38  
March 2006 103.89 1.69  
April 2006 104.40 1.96  
May 2006 104.79 2.19  
June 2006 104.77 1.87  
July 2006 105.13 1.60  
August 2006 105.26 1.63  
September 2006 104.96 1.22  
October 2006 104.75 1.21  
November 2006 105.01 1.49  
December 2006 105.15 1.64  

(1) Change (%) compared to same month of previous year.

Health index (2006) used for indexation of wages and house-rent
2006 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2006 102.82 2.00 102.66
February 2006 103.31 1.95 102.89
March 2006 103.23 1.33 103.03
April 2006 103.60 1.72 103.24
May 2006 103.95 1.87 103.52
June 2006 103.93 1.67 103.68
July 2006 104.25 1.58 103.93
August 2006 104.38 1.69 104.13
September 2006 104.36 1.77 104.23
October 2006 104.32 1.90 104.33
November 2006 104.58 1.85 104.41
December 2006 104.68 1.87 104.49

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2005)
2005 Index (base year: 2004) Growth rates (%) (1)  
January 2005 100.83 2.26  
February 2005 101.51 2.57  
March 2005 102.16 3.08  
April 2005 102.39 2.76  
May 2005 102.54 2.51  
June 2005 102.85 2.87  
July 2005 103.47 3.14  
August 2005 103.57 3.12  
September 2005 103.69 3.16  
October 2005 103.50 2.48  
November 2005 103.47 2.57  
December 2005 103.45 2.88  

(1) Change (%) compared to same month of previous year.

Health index (2005) used for indexation of wages and house-rent
2005 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2005 100.80 1.78 100.63
February 2005 101.33 2.00 100.80
March 2005 101.88 2.53 101.11
April 2005 101.85 2.08 101.47
May 2005 102.04 2.12 101.78
June 2005 102.22 2.32 102.00
July 2005 102.63 2.41 102.19
August 2005 102.65 2.41 102.39
September 2005 102.54 2.25 102.51
October 2005 102.37 1.72 102.55
November 2005 102.68 2.04 102.56
December 2005 102.76 2.32 102.59

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2004)
2004 Index (base year: 2004) Growth rates (%) (1)  
January 2004 98.60 1.59  
February 2004 98.97 1.27  
March 2004 99.11 1.12  
April 2004 99.64 1.92  
May 2004 100.03 2.61  
June 2004 99.98 2.26  
July 2004 100.32 2.41  
August 2004 100.44 2.25  
September 2004 100.51 2.03  
October 2004 101.00 2.86  
November 2004 100.88 2.55  
December 2004 100.55 2.28  

(1) Change (%) compared to same month of previous year.

Health index (2004) used for indexation of wages and house-rent
2004 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2004 99.04 1.56 98.78
February 2004 99.34 1.31 98.97
March 2004 99.37 1.10 99.12
April 2004 99.77 1.59 99.38
May 2004 99.92 1.89 99.60
June 2004 99.90 1.61 99.74
July 2004 100.21 1.74 99.95
August 2004 100.23 1.63 100.07
September 2004 100.28 1.44 100.16
October 2004 100.64 2.09 100.34
November 2004 100.63 1.89 100.45
December 2004 100.43 1.72 100.50

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2003)
2003 Index (base year: 2004) Growth rates (%) (1)  
January 2003 97.06 1.21  
February 2003 97.73 1.74  
March 2003 98.01 1.77  
April 2003 97.76 1.47  
May 2003 97.49 1.04  
June 2003 97.77 1.61  
July 2003 97.96 1.48  
August 2003 98.23 1.79  
September 2003 98.51 1.80  
October 2003 98.19 1.58  
November 2003 98.37 1.85  
December 2003 98.31 1.74  

(1) Change (%) compared to same month of previous year.

Health index (2003) used for indexation of wages and house-rent
2003 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2003 97.52 0.92 97.21
February 2003 98.06 1.33 97.46
March 2003 98.29 1.35 97.76
April 2003 98.21 1.47 98.02
May 2003 98.07 1.10 98.16
June 2003 98.32 1.60 98.22
July 2003 98.50 1.46 98.28
August 2003 98.62 1.64 98.38
September 2003 98.86 1.68 98.58
October 2003 98.58 1.56 98.64
November 2003 98.76 1.72 98.71
December 2003 98.73 1.61 98.73

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2002)
2002 Index (base year: 2004) Growth rates (%) (1)  
January 2002 95.90 2.90  
February 2002 96.06 2.63  
March 2002 96.31 2.66  
April 2002 96.34 1.82  
May 2002 96.49 1.33  
June 2002 96.22 0.88  
July 2002 96.53 1.28  
August 2002 96.50 1.26  
September 2002 96.77 1.26  
October 2002 96.66 1.30  
November 2002 96.58 1.10  
December 2002 96.63 1.36  

(1) Change (%) compared to same month of previous year.

Health index (2002) used for indexation of wages and house-rent
2002 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2002 96.63 3.24 96.21
February 2002 96.77 3.06 96.40
March 2002 96.98 2.97 96.60
April 2002 96.79 2.01 96.79
May 2002 97.00 1.74 96.89
June 2002 96.77 1.18 96.89
July 2002 97.08 1.40 96.91
August 2002 97.03 1.28 96.97
September 2002 97.23 1.33 97.03
October 2002 97.07 1.11 97.10
November 2002 97.09 0.94 97.11
December 2002 97.17 1.21 97.14

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2001)
2001 Index (base year: 2004) Growth rates (%) (1)  
January 2001 93.20 2.20  
February 2001 93.60 2.26  
March 2001 93.81 2.10  
April 2001 94.62 2.78  
May 2001 95.22 3.14  
June 2001 95.38 2.92  
July 2001 95.31 2.65  
August 2001 95.30 2.67  
September 2001 95.57 2.26  
October 2001 95.42 2.35  
November 2001 95.53 2.13  
December 2001 95.33 2.19  

(1) Change (%) compared to same month of previous year.

Health index (2001) used for indexation of wages and house-rent
2001 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2001 93.60 2.11 93.48
February 2001 93.90 2.17 93.65
March 2001 94.18 2.25 93.80
April 2001 94.88 2.72 94.14
May 2001 95.34 3.09 94.58
June 2001 95.64 3.20 95.01
July 2001 95.74 3.06 95.40
August 2001 95.80 3.07 95.63
September 2001 95.95 2.79 95.78
October 2001 96.00 2.99 95.87
November 2001 96.19 2.80 95.99
December 2001 96.01 2.65 96.04

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (2000)
2000 Index (base year: 2004) Growth rates (%) (1)  
January 2000 91.19 1.79  
February 2000 91.53 1.94  
March 2000 91.88 2.25  
April 2000 92.06 2.05  
May 2000 92.32 2.16  
June 2000 92.67 2.75  
July 2000 92.85 2.79  
August 2000 92.82 2.88  
September 2000 93.46 3.36  
October 2000 93.23 2.97  
November 2000 93.54 3.10  
December 2000 93.29 2.49  

(1) Change (%) compared to same month of previous year.

Health index (2000) used for indexation of wages and house-rent
2000 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 2000 91.67 1.18 91.37
February 2000 91.91 1.21 91.57
March 2000 92.11 1.42 91.78
April 2000 92.37 1.46 92.02
May 2000 92.48 1.41 92.22
June 2000 92.67 1.80 92.41
July 2000 92.90 2.03 92.61
August 2000 92.95 2.33 92.75
September 2000 93.35 2.58 92.97
October 2000 93.21 2.30 93.10
November 2000 93.57 2.52 93.27
December 2000 93.53 2.30 93.42

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (1999)
1999 Index (base year: 2004) Growth rates (%) (1)  
January 1999 89.59 0.96  
February 1999 89.79 0.98  
March 1999 89.86 1.23  
April 1999 90.21 1.17  
May 1999 90.37 0.85  
June 1999 90.19 0.75  
July 1999 90.33 0.66  
August 1999 90.22 0.92  
September 1999 90.42 1.19  
October 1999 90.54 1.30  
November 1999 90.73 1.53  
December 1999 91.02 1.94  

(1) Change (%) compared to same month of previous year.

Health index (1999) used for indexation of wages and house-rent
1999 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 1999 90.60 1.22 90.36
February 1999 90.81 1.20 90.49
March 1999 90.82 1.35 90.63
April 1999 91.04 1.11 90.82
May 1999 91.19 0.73 90.97
June 1999 91.03 0.65 91.02
July 1999 91.05 0.43 91.08
August 1999 90.83 0.58 91.03
September 1999 91.00 0.80 90.98
October 1999 91.11 0.91 91.00
November 1999 91.27 1.11 91.05
December 1999 91.43 1.27 91.20

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).

Consumer Prices : All Items (1998)
1998 Index (base year: 2004) Growth rates (%) (1)  
January 1998 88.74 0.41  
February 1998 88.92 0.74  
March 1998 88.77 1.02  
April 1998 89.17 1.50  
May 1998 89.61 1.85  
June 1998 89.52 1.58  
July 1998 89.74 1.01  
August 1998 89.40 0.44  
September 1998 89.36 0.82  
October 1998 89.38 0.86  
November 1998 89.36 0.57  
December 1998 89.29 0.59  

(1) Change (%) compared to same month of previous year.

Health index (1998) used for indexation of wages and house-rent
1998 Index (base year: 2004) Growth rates (%) (1) Moving average (2)
January 1998 89.51 0.57 89.40
February 1998 89.73 0.99 89.53
March 1998 89.61 1.33 89.57
April 1998 90.04 1.80 89.72
May 1998 90.53 2.25 89.98
June 1998 90.44 1.96 90.16
July 1998 90.66 1.28 90.42
August 1998 90.31 0.85 90.49
September 1998 90.28 1.22 90.42
October 1998 90.29 1.21 90.39
November 1998 90.27 0.91 90.29
December 1998 90.28 0.95 90.28

(1) Change (%) compared to same month of previous year.
(2) Public wages are price linked by 2% at a time. This takes place two months after the 4-month moving average of the health index reaches a certain threshold (the so-called pivot index).