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Denmark Inflation March 2024

Denmark: Inflation rises in March

Inflation came in at 0.9% in March, which was up from February’s 0.8%. Looking at the details of the release, March’s uptick was due to a rebound in prices for housing and utilities, as well as clothing and footwear.

Still, the trend pointed down, with annual average inflation coming in at 1.8% in March (February: 2.2%). Meanwhile, core inflation was unchanged, coming in at February’s 1.7% in March.

Finally, consumer prices were flat from the previous month in March, coming in below February’s 0.51% rise.

While average inflation doubled to 1.0% in the first quarter from Q4’s average, nominal wage growth notably outpaced the inflation rate in Q4 and likely did so again in Q1 2024. This is welcome news for the continued recovery in purchasing power. Moreover, expected rate cuts by the ECB should translate into lower domestic interest rates later this year. All these developments should boost private consumption ahead. Our Consensus is for average inflation to pick up from Q1 through Q4, partly reflecting a fading base effect.

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