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Denmark Inflation

Denmark Inflation

Inflation in Denmark

Consumer price inflation in Denmark averaged 1.5% in the ten years to 2022. The 2022 average figure was 7.7%. For more inflation information, visit our dedicated page.

Denmark Inflation Chart

Note: This chart displays Inflation Rate (CPI, annual variation in %) for Denmark from 2014 to 2023.
Source: Statistics Denmark.

Denmark Inflation Data

2018 2019 2020 2021 2022
Inflation (CPI, ann. var. %, aop) 0.8 0.8 0.4 1.9 7.7
Inflation (CPI, ann. var. %, eop) 0.8 0.8 0.5 3.1 8.7
Inflation (Core, ann. var. %, aop) 0.7 0.8 0.9 1.1 4.7
Inflation (PPI, ann. var. %, aop) 4.3 -0.6 -2.7 13.6 28.9

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.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Danish inflation projections for the next ten years from a panel of 12 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable inflation forecast available for Danish inflation.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Danish inflation projections.

Want to get access to the full dataset of Danish inflation forecasts? Send an email to info@focus-economics.com.

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