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Food prices down in Denmark as inflation subsides

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Ritzau/The Local - [email protected]
Food prices down in Denmark as inflation subsides
The cost of food in Denmark was down by 1.4 percent on average between July and August. Photo: Liselotte Sabroe/Ritzau Scanpix

Latest figures in Denmark suggest that food prices may now have peaked after an extended period of inflation.

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Information released by national agency Statistics Denmark on Monday shows a 1.4 percent fall in food prices between July and August.

The figure comes from the statistics agency’s monthly inflation update.

While food prices are now down compared to the previous month, the overall inflation rate for consumers is now 2.4 percent. That is lower than the 3.1 percent reported in August, when inflation went up, and far lower than the 10 percent peak inflation recorded in October 2022.

The trend of falling food prices is likely to continue, according to senior economist Tore Stramer of the Danish Chamber of Commerce.

“Several supermarkets have already cut prices on a number of food products and most of them expect to reduce prices further over the coming three months,” Stramer said in a written comment.

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“That should also be seen in the context that global prices for unprocessed foods have fallen markedly over the last year. In addition, production prices for food companies have been falling since the spring,” he said.

Other factors, including transport and salaries, could continue to pull priced upwards, he noted.

As such, a large drop in food prices is unlikely even though an overall decline is expected, he said.

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