Denmark Inflation October 2019


Denmark: Inflation picks up in October

November 11, 2019

Consumer prices rose 0.4% in month-on-month terms in October, contrasting September’s 0.2% dip. The increase was driven by higher prices for clothing and footwear, education and transportation.

Meanwhile, inflation inched up to 0.6% in October from 0.5% in September, while annual average inflation was unchanged at 0.8% in October.

In the coming months, a tight labor market, ultra-low mortgage lending and stronger domestic demand should help fuel price pressures. That being said, the public service obligation (PSO) levy, which consists of a tax on electricity and gas and which is used to support the renewable-energy sector, was cut to zero in Q3, consequently driving down the price of electricity. This levy was hiked in Q4 and should exert upward pressure on prices.

FocusEconomics Consensus Forecast panelists expect inflation to average 1.2% in 2020, which is unchanged from last month’s forecast. For 2021, panelists project inflation to average 1.4%.

Author:, Economist

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Denmark Inflation Chart

Denmark Inflation October 2019

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

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