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Financial News: Denmark Inflation Highest Since February 1983

Denmark Inflation Highest Since February 1983

07/11/2022 - 06:09:00 (RTTNews)

(RTTNews) - Denmark's inflation rose to the highest rate since early 1983, largely driven by higher food, fuel and utility costs, data from Statistics Denmark showed on Monday.

Consumer price inflation accelerated to 8.2 percent annually in June from 7.4 percent in May.

The latest inflation was the highest since February 1983, when prices climbed 8.7 percent.

Excluding energy and fresh food, core inflation rose to 4.8 percent in June from 4.4 percent in the previous month. This was the highest since January 1989.

Core inflation accelerated largely on price increases for furniture and home equipment as well as radio / TV compared to May.

Transport costs grew 15.0 percent annually in June and prices for food and non-alcoholic beverages increased 13.0 percent.

Prices for restaurants and hotels rose 9.1 percent and those for housing, electricity and heating gained 9.0 percent.

Prices for furnishing, household services, and alcoholic beverages and tobacco rose 7.9 percent and 7.8 percent, respectively.

Prices for communication advanced 3.6 percent and those of leisure and culture climbed 3.3 percent.

Prices for other goods and services increased 2.4 percent. Prices for education, and clothing and footwear rose 2.1 percent and 2.0 percent, respectively.

On a monthly basis, consumer prices gained 0.8 percent in June.

The EU measure of harmonized index of consumer prices grew 9.1 percent in June, following an 8.2 percent rise in the prior month.

On a monthly basis, the HICP gained 0.9 percent in June.

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