EU country sees highest inflation in decades

Soaring energy costs propelled consumer prices in Denmark

Consumer prices in Denmark have risen to their highest level in 38 years, official figures from Statistics Denmark showed on Tuesday.

According to the agency, the Danish consumer price index (CPI) rose from 5.4% in March to 6.7% in April.

Prices soared amid rising global energy costs amid the Russian-Ukrainian conflict. The main specific drivers of inflation in Denmark were electricity, natural gas, food and tobacco, according to the agency.

Goods prices have risen 10.3% over the past year, a rate not seen since November 1982, the data showed. The so-called core inflation rate, which excludes energy and unprocessed food, in Denmark rose to 3.6%, the highest since 1990, from 3.2% in March.

READ MORE: Baltic nation experiences soaring consumer prices

Denmark is not the only country to suffer from soaring prices following the launch of the Russian military operation in Ukraine and the resulting Western sanctions against Moscow. Fuel and food prices have soared around the world in the past two months on fears of a Russian energy supply shutdown and disruption of supply chains.

READ MORE: German inflation at its highest in four decades

In order to cope with rising prices, central banks in the US, UK and other countries raised interest rates. However, Denmark’s Nationalbanken has yet to change its key rate, while the European Central Bank has also kept rates unchanged so far despite soaring eurozone inflation.

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