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Financial News: Denmark Inflation Highest Since January 1983

Denmark Inflation Highest Since January 1983

09/12/2022 - 03:28:00 (RTTNews)

(RTTNews) - Denmark's consumer price inflation rose further in August to the strongest level in just over thirty-nine-and-a-half years, largely driven by food, electricity, gas, and fuel prices, data from Statistics Denmark showed on Monday.

Consumer price inflation accelerated to 8.9 percent in August from 8.7 percent in July.

The latest inflation was the highest since February 1983, when it had risen 9.0 percent, the statistical office said.

Excluding energy and fresh food, core inflation rose to 6.0 percent in August from 5.5 percent in the previous month. Further, this was the highest since February 1988.

Goods prices alone surged 13.0 percent yearly in August, which was the highest rate of increase since September 1981.

Prices for food and non-alcoholic beverages were 15.9 percent higher in August compared to last year, and transport costs also registered a double-digit growth of 11.8 percent.

Utility costs climbed 10.1 percent from last year and those for restaurants and hotels rose 11.5 percent.

On a monthly basis, consumer prices showed no variations from July, when they increased by 1.1 percent.

The EU measure of harmonized index of consumer prices grew 9.9 percent in August, following a 9.6 percent rise in the prior month.

On a monthly basis, the HICP remained flat in August.

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