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Denmark's inflation rate fell for the first time in five months, pulled down by lower prices for gasoline and butter.
Consumer prices rose 3.1% in December from a year earlier, down from a rate of 3.4% a month before, Statistics Denmark said in a statement on Monday. Electricity prices had a net positive effect on inflation in December and was the biggest factor on consumer prices over the whole of 2021, with a 32.1% increase.
According to Danske Bank, the decline in the inflation rate was a surprise, also given that companies report labor shortages.
“But the big joker is still to what extent energy prices will be able to drive inflation,” Chief Analyst Louise Aggerstrom Hansen said in a note.”
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