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The FPB not only publishes the results of its research, but also a set of databases. These databases can contain either historical data or forecasts.

Consumer Price Index - Inflation forecasts [05/03/2024]

The inflation forecasts from March 2024 until the end of 2025 produced by the Federal Planning Bureau are based on observations until February 2024 from Statbel. These forecasts take into account the futures quotes of 26 February 2024. The oil price should amount to 81 dollars per barrel in 2024 and 76 dollars per barrel in 2025. The exchange rate of the euro should be 1.09 dollar per euro in 2024 and 1.11 dollar per euro in 2025.

On the basis of these inflation forecasts, average consumer price inflation should be 3.0% in 2024 and 1.8% in 2025, compared to 4.06% in 2023 and 9.59% in 2022. The average growth rate of the so-called 'health price index', which is used for the price indexation of wages, social benefits and house-rent, should be 3.1% in 2024 and 1.9% in 2025, compared to 4.33% in 2023 and 9.25% in 2022.

In October 2023, the pivotal index for social benefits and public sector wages was last reached. According to our monthly forecasts for the 'health price index', the two following pivotal indices should be exceeded in 2024 and 2025.

  • Pivotal index 128.11 should be reached in April 2024. As a result, social benefits should be adjusted (by 2%) to the higher cost of living in May 2024 and public sector wages should follow suit in June 2024.
  • The next pivotal index (130.67) should be reached in March 2025. As a result, social benefits should be adjusted (by 2%) to the higher cost of living in April 2025 and public sector wages should follow suit in May 2025.

Next update: 2 April 2024 at 2 p.m.

Conversion coefficients

National consumer price index

To convert an index with base year 2013 to base year 2004, the starting value has to be multiplied by 1.2240.
To convert an index with base year 2004 to base year 2013, the starting value has to be multiplied by 0.8170.

Health index

To convert an index with base year 2013 to base year 2004, the starting value has to be multiplied by 1.2077.
To convert an index with base year 2004 to base year 2013, the starting value has to be multiplied by 0.8280.

National consumer price index (2025)

2025 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Index (base year 2013) 133.61 133.77 133.85 134.03 134.08 134.12 134.44 134.71 134.40 134.60 134.91 134.91
Growth rates (%) (1) 2.71 2.11 1.90 1.84 1.71 1.65 1.59 1.62 1.63 1.61 1.60 1.59

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

Health index and smoothed health index (2025)

2025 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Health index (base year 2013) 133.65 133.79 133.97 134.15 134.15 134.25 134.68 134.90 134.35 134.88 134.97 135.15
Growth rates (%) (1) 2.66 2.17 1.97 1.95 1.84 1.77 1.73 1.75 1.76 1.74 1.72 1.72
Smoothed health index (2) 130.29 130.59 130.90 131.21 131.33 131.45 131.62 131.81 131.85 132.01 132.08 132.14

(1) Change (%) compared to same month of previous year. Orange labels are forecasting estimations by the Federal Planning Bureau.
(2) The smoothed health index is calculated as the four-month moving average of the health index multiplied by 0.98.

National consumer price index (2024)

2024 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Index (base year 2013) 130.08 131.01 131.35 131.61 131.82 131.94 132.33 132.56 132.25 132.47 132.79 132.80
Growth rates (%) (1) 1.75 3.20 2.88 3.78 3.55 3.80 3.27 2.66 3.13 2.95 3.03 2.59

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

Health index and smoothed health index (2024)

2024 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Health index (base year 2013) 130.19 130.95 131.38 131.58 131.72 131.91 132.39 132.58 132.03 132.57 132.69 132.87
Growth rates (%) (1) 1.71 3.22 2.80 3.85 3.43 3.79 3.25 2.92 3.54 3.33 3.22 2.58
Smoothed health index (2) 126.56 127.21 127.90 128.40 128.78 129.01 129.26 129.51 129.58 129.74 129.82 129.89

(1) Change (%) compared to same month of previous year. Orange labels are forecasting estimations by the Federal Planning Bureau.
(2) The smoothed health index is calculated as the four-month moving average of the health index multiplied by 0.98.

National consumer price index (2023)

2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Index (base year 2013) 127.84 126.95 127.67 126.82 127.30 127.11 128.14 129.12 128.23 128.67 128.89 129.45
Growth rates (%) (1) 8.05 6.62 6.67 5.60 5.20 4.15 4.14 4.09 2.39 0.36 0.76 1.35

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

Health index and smoothed health index (2023)

2023 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Health index (base year 2013) 128.00 126.86 127.80 126.70 127.35 127.09 128.22 128.82 127.52 128.30 128.55 129.53
Growth rates (%) (1) 8.28 6.84 7.35 5.95 5.90 5.02 4.80 4.16 2.08 0.30 0.87 1.28
Smoothed health index (2) 125.26 125.00 125.08 124.79 124.63 124.69 124.79 125.31 125.35 125.65 125.73 125.91

(1) Change (%) compared to same month of previous year.
(2) The smoothed health index is calculated as the four-month moving average of the health index multiplied by 0.98.

National consumer price index (2022)

2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Index (base year 2013) 118.32 119.07 119.69 120.09 121.01 122.04 123.05 124.05 125.24 128.21 127.92 127.72
Growth rates (%) (1) 7.59 8.04 8.31 8.31 8.97 9.65 9.62 9.94 11.27 12.27 10.63 10.35

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

Health index and smoothed health index (2022)

2022 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Health index (base year 2013) 118.21 118.74 119.05 119.59 120.25 121.02 122.35 123.68 124.92 127.92 127.44 127.89
Growth rates (%) (1) 7.12 7.56 7.68 7.81 8.34 8.72 9.07 9.70 11.25 12.27 10.63 10.63
Smoothed health index (2) 113.42 114.60 115.54 116.52 117.02 117.58 118.39 119.39 120.53 122.22 123.47 124.50

(1) Change (%) compared to same month of previous year.
(2) The smoothed health index is calculated as the four-month moving average of the health index multiplied by 0.98.

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