Denmark Inflation Highest Since February 1983

(RTTNews) - Denmark's consumer price inflation rose to the strongest level since early 1983, largely driven by higher food, fuel and utility costs, data from Statistics Denmark showed on Wednesday.

Consumer price inflation accelerated to 8.7 percent in July from 8.2 percent in June.

The latest inflation was the highest since February 1983, when it had risen the same 8.7 percent, the statistical office said.

Excluding energy and fresh food, core inflation rose to 5.5 percent in July from 4.8 percent in the previous month. This was the highest since February 1988.

Prices for food and non-alcoholic beverages alone grew 14.6 percent annually in July, and transport costs surged 13.4 percent.

Utility costs were 9.3 percent more expensive compared to last year, and charges for restaurants and hotels rose 9.6 percent.

Prices for goods logged an annual price growth of 13.2 percent, which was the highest rate of increase since February 1982.

On a monthly basis, consumer prices gained 1.1 percent in July.

The EU measure of harmonized index of consumer prices grew 9.6 percent in July, following a 9.1 percent rise in the prior month.

On a monthly basis, the HICP moved up 1.2 percent at the start of the third quarter.