Denmark Inflation January 2021


Denmark: Inflation increases in January

February 10, 2021

Consumer prices rose a seasonally-adjusted 0.19% in January over the previous month, swinging from the 0.19% drop recorded in December. Looking at the details of the release, January’s result was largely driven by higher prices for petrol and diesel, although the overall increase was capped by lower prices for clothing.

Inflation came in at 0.6% in January, up from December’s 0.5%, and marked the highest reading in four months. Moreover, core inflation ticked up to 1.1% from December’s 1.0%. Meanwhile, the trend was unchanged with annual average inflation coming in at 0.4% in January for the third month running.

Looking ahead, inflation is set to remain subdued during the first quarter of the year, as economic recovery is still somewhat weak. However, it will gain steam later in the year as the vaccine is rolled out and the economy gradually reopens. Strong growth in household and capital spending should bolster prices further.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.9% in 2021, which is unchanged from last month’s forecast. For 2022, panelists project inflation to average 1.1%.

Author:, Junior Economist

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Denmark Inflation Chart

Denmark Inflation January 2021 1

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

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