News

Denmark sees highest consumer price hike in almost a decade

Increases in goods such as electricity, gas, fuel, tobacco and alcohol played a significant part in driving up prices

According to new figures from Danmarks Statistik, last month saw the biggest consumer price spike in almost a decade.

The figures showed that the overall consumer index increased by 1.8 percent in August compared to the same month last year – the biggest yearly leap since December 2012 (2.1 percent). 

According to the stats, the principal drivers were increases in goods and services such as electricity, gas, fuel and housing prices (see chart below).

READ ALSO: Danish economy peaking right now

Ill communication
Meanwhile, tobacco and alcohol prices also played a role as they saw the biggest price hike (4.6 percent), largely driven by sharp tobacco price increases.

Elsewhere, summerhouse renting, charter trips, furniture and housing equipment helped pull the index down, as did hotels and restaurants. 

Communication saw the biggest annual reduction at -1.4 percent, which is down to lower internet subscription prices.

Read more about the price index here (in Danish).

The overall index (blue line) has been particular buoyed by goods (green) and not as much by services (grey) (photo: Danmarks Statistik)

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