Consumer price trends for the whole of 2024 can be calculated on 7 January 2025, when the flash estimate for inflation in December will be published. Based on monthly figures for the first 11 months of 2024, the average price trend for the year was 3.0 percent. This is calculated using the method described in this background article: CBS switches to new method for calculating energy prices in the CPI. The method includes the energy prices actually paid by consumers. Based on this method of calculation, real-terms growth in negotiated wages (i.e. adjusted for inflation) was 3.5 percent.
The average increase in prices was 3.8 percent in the first two months of Q4 2024. If we apply this same figure for the whole quarter, real-terms growth in negotiated wages was 2.6 percent. Back to article