Denmark’s consumer price index has risen to its highest level since 1983. according to Statistics Denmark.
June saw a staggering 8.2 percent increase from a year ago. In February 1983, the increase was just half a percentage point higher.
Statistics Denmark states that the probable reason is the rising commodity prices, which have risen by approximately 12.7 per cent in the past year. Prices of food, gas, fuel and electricity were particularly hard hit in June.
As a result, Arbejdernes Landsbank assesses that families have to spend 35,000 kroner extra to afford the same goods as a year ago.
A broader crisis
The news from Statistics Denmark comes in the middle of an international cost of living crisis exacerbated by the conflict between Russia and Ukraine.
“The invasion of Ukraine comes with a price, and that price we must all pay,” said Prime Minister Mette Frederiksen.
Economists from Arbejdernes Landsbank estimate that the current rise in inflation can be offset by the end of the year and hopefully fall to around five percent.
Source: The Nordic Page