From 2014 to 2015 the average consumer price index rose by just 0.5 percent, making inflation in 2015 the lowest since 1953, according to figures from the national statistics office Danmarks Statistik, reported in Børsen.
Niels Rønholt, the vice president of macroeconomic research at Jyske Bank, puts the exceptionally low figure down to low oil prices keeping prices down generally.
“Energy and processed food excluded, the so-called underlying inflation is at 1.2 percent,” he said.
Good news for the economy and consumers
According to Jacob Graven, the chief economist at Sydbank, the low level of price increases is good news for the Danish economy as well as consumers.
“Even though pay increases are small, most Danes get more money in their hands because prices are increasing even less than salaries. The low price increases can therefore contribute to raising consumption and thereby push the fledgling economic recovery forward,” he said.
The biggest price increases in 2015 were within education, which saw an increase of 3.2 percent, especially due to higher private school fees.