Denmark Inflation August 2020


Denmark: Inflation remains stable in August

September 10, 2020

Consumer prices decreased a seasonally-adjusted 0.38% in August over the previous month, swinging from the 0.78% increase recorded in July. August’s print marked the sharpest drop in prices in the past 12 months. Looking at the details of the release, a fall in prices for household services, restaurants and hotels, and leisure and culture dragged price pressures downwards, while prices for alcoholic beverages and tobacco, as well as for education increased during the same period.

Inflation in August remained at July’s 0.5% level, still marking the highest inflation rate since February. Meanwhile, the trend remained unchanged for the fifth consecutive month, with annual average inflation at 0.5% in August. Core inflation slightly decreased to 0.9% in August down from July’s 1.0%, largely due to lower prices for hotel stays.

Looking ahead, price pressures are seen remaining largely stable, although uncertainty regarding the evolution of the pandemic poses both upside and downside risks to inflation.

FocusEconomics Consensus Forecast panelists expect inflation to average 0.5% in 2020, which is up 0.1 percentage points from last month’s forecast. For 2021, panelists project inflation to average 1.0%.

Author:, Junior Economist

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Denmark Inflation Chart

Denmark Inflation August 20 20

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

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