Denmark’s consumer price index has risen to its highest point since 1983, according to Danmarks Statistik.
June saw a staggering 8.2 percent increase compared to one year ago. In February 1983, the increase was just half of a percentage point higher.
Danmarks Statistik reports that the likely cause is the growing cost of goods, which has risen approximately 12.7 percent in the most recent year. The prices of food, gas, fuel, and electricity were especially hard hit in June.
As a result, Arbejdernes Landsbank estimates that families will need to spend an extra 35,000 kroner to be able to afford the same goods as one year ago.
A broader crisis
The news from Danmarks Statistik comes amid an international cost of living crisis exacerbated by the Russia-Ukraine conflict.
“The invasion of Ukraine comes with a price, and that price is going to be paid by all of us,” said PM Mette Frederiksen.
Economists from Arbejdernes Landsbank project that the ongoing inflation spike could level out by the end of the year, hopefully dropping to around five percent.
