Inflation at a historic low

The yearly rise of consumer prices has reached its lowest rate in 60 years

Jan 13, 2014

Last month saw consumer prices rise by 0.8 percent over December 2012 – the second-largest jump of the year – but as a whole, inflation was at a historic low in 2013.

With prices rising just 0.8 percent from 2012 to 2013, it marked the lowest inflation rate in 60 years.

A drop in the price of food and petrol are among the explanations for the historically low inflation rate, according to Arbejdernes Landsbank chief economist Lone Kjærgaard.

"It is partly due to lower demand following the financial crisis and partly due to the fact that the prices of raw material, including petrol, dropped," she told financial daily Børsen. "But consumer prices also benefited from the many fees that were removed on food products in 2013."

Increased spending power
The low inflation increases help boost the spending power of consumers, and led to an increase in real wages.

"Even though actual wages only rose by very little in 2013, the rise of consumer prices was far less. It means that Danes' real wages rose in 2013 compared to the last two years when wages decreased,” Kjærgaard said, adding that the low prices may last well into 2014.

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Inflation at a historic low

New US Arctic security strategy co-opts Denmark as Russia deterrent

Anti-whaling activist and Greenpeace co-founder Paul Watson arrested in Greenland

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Planes grounded in CPH as worldwide IT outage hits airlines, media and banks

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