Denmark Inflation July 2022

Denmark

Denmark: Inflation comes in at highest level since February 1983 in July

August 10, 2022

Consumer prices increased a seasonally-adjusted 1.14% in July over the previous month, picking up from the 0.80% increase recorded in June. Looking at the details of the release, the acceleration was primarily driven by increasing prices for housing and utilities. In addition, price pressures for food and non-alcoholic beverages rose at a quicker rate.

Inflation rose to 8.7% in July from June’s 8.2%. July's result marked the highest inflation rate since February 1983. Consequently, the trend pointed up, with annual average inflation coming in at 4.9% in July (June: 4.3%). Finally, core inflation rose to 5.5% in July, from June’s 4.8%.

FocusEconomics Consensus Forecast panelists expect inflation to average 5.7% in 2022, which is up 0.4 percentage points from last month’s forecast. For 2023, panelists project inflation to average 2.7%.


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Denmark Inflation July 2022

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


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