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 2013 to 2022.
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 recedes in October
Inflation eased to 0.1% in October, following September’s 0.9%. October's figure represented the weakest inflation rate since May 2020. Looking at the details of the release, the moderation chiefly reflected softer price increases for food. Moreover, prices for housing and utilities fell at a steeper pace in October, and prices for transportation dropped year on year after growing in the previous month. Accordingly, the trend pointed down, with annual average inflation coming in at 4.6% in October (September: 5.5%). Meanwhile, core inflation fell to 3.3% in October, from September’s 3.7%. Finally, consumer prices increased a seasonally adjusted 0.26% from the previous month in October, contrasting the 0.25% drop seen in September.
October’s inflation data is welcome news; after inflation peaked in October 2022 at a nearly four-decade high, inflation was virtually zero a year later. Consumers’ purchasing power will get some breathing room, as wages are now increasing at a faster pace than inflation. This bodes well for a country in which household debt is elevated, and budgets came under intense pressure when interest rates rose steeply. Private consumption should strengthen in Q4 2023 as a result.
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 10 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.