Denmark Inflation October 2022

Denmark

Denmark: Inflation rises to four-decade high in October

November 10, 2022

Inflation came in at 10.1% in October, up from September’s 10.0%. October's reading was the highest inflation rate in four decades. Looking at the details of the release, the acceleration was primarily driven by a stronger increase in prices for food and non-alcoholic beverages, which more than offset prices for transportation growing at a marginally softer rate.

Consequently, the trend pointed up, with annual average inflation coming in at 6.8% in October (September: 6.2%). Meanwhile, core inflation rose to 6.2% in October, from September’s 5.9%.

Finally, consumer prices increased a seasonally adjusted 1.03% in October over the previous month, a smaller increase than September's 1.31% increase.

FocusEconomics Consensus Forecast panelists expect inflation to average 4.2% in 2023, which is up 0.3 percentage points from last month’s forecast. For 2024, panelists project inflation to average 1.6%.


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Denmark Inflation October 2022 1

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


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