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Inflation in Denmark hits 40 year high

Annual inflation in Denmark reached 11.1% in September, according to the latest update from the Statistical Office of the Scandinavian country.

According to the report, on average, the prices of basic goods in Denmark were 11.1% higher than last month, reaching their highest level since 1982 and surpassing the rise determined in the EU. In addition, this mark exceeds the estimate made two weeks ago by the institution itself, which foresaw an increase in September inflation of 10% year-on-year.

Allan Sørensen, chief economist at the Confederation of Dansk Industri (DI), argues that the costs of electricity, gas and food are the main responsible for the rapid increase in prices.

“High inflation is wreaking havoc across Europe. 18 EU countries are struggling with double-digit inflation rates. It looks worse in the Baltic countries, where inflation is above 20% in all three countries,” he wrote in a comment, quoted by local media.
Also, recent figures expose the drastic reduction in purchasing power in households, since the salary increase is not consistent with that of consumer prices.

Niklas Praefke, chief economist at the Lederne managers’ union, has called inflation “a real nightmare for Danes’ wallets”.

“The latest figures showed that wages in the private labor market increased by 3.5%. This means that the Danes are currently experiencing a large drop in real wages. We can simply buy significantly fewer goods

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