Denmark Inflation August 2022

Denmark

Denmark: Inflation comes in at highest level in nearly four decades in August

September 12, 2022

Inflation edged up to 8.9% in August, slightly above July’s 8.7%. August's figure was the highest inflation rate since early 1983. Looking at the details of the release, prices for housing and utilities rose at a faster rate in August. Moreover, food and non-alcoholic beverages prices accelerated. In contrast, prices for transportation, and for recreation and culture increased at slower rates. Consequently, annual average inflation rose to 5.5% in August (July: 4.9%). Meanwhile, core inflation rose to 6.0% in August, from July’s 5.5%.

Finally, consumer prices recorded zero growth over the previous month in August, below July's 1.14% rise. August's result marked the weakest reading since December 2021.

FocusEconomics Consensus Forecast panelists expect inflation to average 7.0% in 2022, which is up 1.2 percentage points from last month’s forecast. For 2023, panelists project inflation to average 3.1%.


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Denmark Inflation August 2022

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistics Denmark (DST).


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