Denmark Inflation July 2020

Denmark

Denmark: Inflation hits highest level since February in July

August 24, 2020

Consumer prices increased a seasonally-adjusted 0.78% over the previous month in July, accelerating from the 0.10% increase recorded in June. July's result marked the sharpest increase in prices since July 2018. The increase was driven by greater price pressures for tobacco and electricity, while price pressures for transportation decreased.

Inflation came in at 0.5% in July, up from June’s 0.3%, which marked the highest inflation rate since February. Meanwhile, the trend remained unchanged with annual average inflation coming in at June's 0.5% in July. Lastly, core inflation rose to 1.0% from the previous month's 0.9%.

Looking ahead, price pressures are seen inching down slightly, but uncertainty regarding the evolution of the pandemic poses both upside and downside risks to inflation.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.4% in 2020, which is unchanged from last month’s forecast. For 2021, panelists project inflation to average 1.0%.


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Denmark Inflation July 20 20

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


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