Data from Statistics Denmark show that consumer prices in October 2022 were 10.1 percent higher than the same period in 2021.
The inflation rate is unchanged from September, when it was also 10 percent, meaning prices are still increasing at the steepest rate observed since November 1982.
Higher prices for consumers of electricity, food, gas and fuel are the main causes of the high overall inflation.
Jeppe Juuul Borre, chief economist at Arbejdernes Landsbank, told news wire Ritzau the new data is “terrible” news.
“We had certainly hoped for a decrease and an easing of inflation in today’s figures. The sharp price increases are gnawing their way through Danes’ household budgets at the highest rate in 40 years,” he wrote in a comment.
An ‘average’ family would incur additional costs of 45,000 kroner on their annual budget if the bought the same items in line with the price increases, Borre told Ritzau.
“That is extremely painful for many Danes and will unavoidably affect private budgets,” he said.
A current lull in electricity prices has failed to have an impact on inflation, the senior economist with the Danish Chamber of Commerce, Tore Stramer, told Ritzau.
But Stramer said that inflation may have now reached its highest level.
“We expect a significant fall in inflation towards the turn of the year and into 2023, where inflation will again reach a normal level of 2 percent,” he said.
“If energy prices don’t rise again over the winter, the fall in inflation could even be quite strong,” he said.
The inflation rate for September 2021 – just over one year ago – was 2.2 percent.