Danish inflation hits highest level since 1984

Danish inflation hits highest level since 1984

Danish inflation hits highest level since 1984

Danish inflation hits highest level since 1984

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Danish inflation reached a near four-decade high in April, as energy and food prices skyrocketed, according to official figures released Tuesday.

According to Statistics Denmark, the consumer price index (CPI) in Denmark increased 6.7 percent year on year in April, the highest rate since June 1984.

Prices of goods have meanwhile risen by 10.3 percent over the past year, a rate last matched in November 1982, the official statistics keeper said.

“Within goods, price increases for electricity, food, fuel and gas are very much evident in April 2022,” the agency said in a statement.

Excluding energy and unprocessed foodstuffs, Danish consumer prices rose 3.6 percent, which is still up from 3.2 percent in March.

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Fuel and food prices have soared worldwide following Russia’s invasion of Ukraine as the conflict and Western sanctions on Moscow have disrupted supplies.

While central banks in the United States, the United Kingdom, and other countries have raised interest rates to combat inflation, Denmark’s Nationalbank cut its key rate in September to protect the Danish krone’s pegged exchange rate to the euro.

Despite rising eurozone inflation, the European Central Bank has kept its own interest rates unchanged so far.

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