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Denmark has lowest price increase in over 50 years

Newly-released figures from Statistics Denmark reveal that the national consumer price index has barely moved over the past year.

Denmark has lowest price increase in over 50 years
Service prices increased slightly while the price of goods fell. Photo: Colourbox
Prices for services like rent, bank fees and insurance increased just a combined 1.3 percent from September 2015 to September 2016, something not seen for decades. 
 
“It is the lowest increase in service prices in over 50 years,” Statistics Denmark wrote
 
The price of goods – including food, clothing, petrol and electronics – decreased by 1.4 percent over the past year, while the overall consumer price index did not increase at all between August and September. 
 
The was brought down by lower rental prices for summer homes and the falling cost of meat and furniture. Rental prices on year-round homes, however, increased by 20 percent in September 2016 when compared to the same month last year. 
 
According to Nykredit economist Tore Strammer, the tepid increase in goods and services prices comes as salaries in the private sector increased by 2.2 percent in the same period. The bank calculated that the average Danish family can end each month with an extra 560 kroner in their pockets. 
 
While Danes, who pay more than anyone else in the EU for food and non-alcoholic drinks, might cheer the news that the prices have stagnated, an economist with the Danish Confederation of Enterprise (Dansk Erhverv) told news agency Ritzau that the low inflation is a sign that the Danish economy still hasn't fully recovered from the global financial crisis. 
 

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CONSUMER

Danes’ Black Friday spending sets record

Danes set an all-time spending record on Black Friday, smashing the previous mark by 13 percent.

Danes' Black Friday spending sets record
Black Friday shopping in Aarhus. Photo: Jens Thaysen/Scanpix
It’s safe to say that Black Friday, the shopping ‘holiday’ imported from the US, has caught on in Denmark. 
 
Use of consumers’ national debit cards (Dankort) reached 1.98 billion kroner on Friday, setting a new spending record. 
 
According to news agency Ritzau, Friday’s spending topped the previous one-day record set during last year’s Christmas season by 13 percent. Danes bought for a full 29 percent more on Friday than they did on Black Friday 2014. 
 
 
“Black Friday topped all expectations. Even though we anticipated a clear increase from last year, it is amazing that it shot so clearly in as the undisputed biggest shopping day ever,” Martin Barfoed from the Danish Chamber of Commerce (Dansk Erhverv) told Ritzau. 
 
Barfoed said he hoped that the Black Friday spending would serve as a bellwether for the entire Christmas shopping season. 
 
The Danes’ embrace of Black Friday came as Americans seem to be tiring of the annual event, held the day after Thanksgiving. Black Friday spending in the US was down this year compared to last in physical stores while online spending was up. 
 
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