Denmark inflation highest since January 1983
September 12, 2022, 1:12 pm

Denmark inflation highest since January 1983

Historic center in Copenhagen, Denmark (File photo: Pixabay)

Data from Statistics Denmark showed on Monday (Sep 12), Denmark's consumer price inflation rose further in August to the strongest level in just over thirty-nine-and-a-half years, largely driven by food, electricity, gas, and fuel prices.

Consumer price inflation accelerated to 8.9% in August from 8.7 percent in July, the DPA reported, the Anews said.

The statistical office said that the latest inflation was the highest since February 1983, when it had risen 9.0%.

Excluding energy and fresh food, core inflation rose to 6.0% in August from 5.5% in the previous month.

Further, this was the highest since February 1988. Goods prices alone surged 13.0% yearly in August, which was the highest rate of increase since September 1981.

Prices for food and non-alcoholic beverages were 15.9% higher in August compared to last year, and transport costs also registered a double-digit growth of 11.8%.

Data from Statistics Denmark showed on Monday (Sep 12), Denmark's consumer price inflation rose further in August to the strongest level in just over thirty-nine-and-a-half years, largely driven by food, electricity, gas, and fuel prices - Photo. Shutterstock

Utility costs climbed 10.1% from last year and those for restaurants and hotels rose 11.5%.

On a monthly basis, consumer prices showed no variations from July, when they increased by 1.1%.

The EU measure of harmonized index of consumer prices grew 9.9% in August, following a 9.6% rise in the prior month.

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On a monthly basis, the harmonized index of consumer prices remained flat in August.

Denmark is ranked 7th among 45 countries in the Europe region, and its overall score is above the regional and world averages.

Over the past five years, Denmark’s economic growth slowed from 2017 to 2019, accelerated slightly in 2019, turned negative in 2020, and rebounded in 2021.

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