Rising energy costs spike food prices in Denmark

Food prices in Denmark increased by 5.7 per cent in February compared to the same month last year, due to rising energy costs, according to official data.

The data published by Statistics Denmark on Monday revealed that consumer price index increased 4.8 per cent year-on-year in February owing primarily to rising energy prices and global shortages, reports Xinhua news agency.

Between February 2021 and February 2022, the price of butter increased 16.3 per cent, that of cooking oils went up 20 per cent, while that of pasta surged to an astounding 24.3 per cent.

Prior to the current spike in food prices, the last significant increase, 5 percent, was registered in 2012, Statistics Denmark said.

“Food manufacturers rely heavily on heating and petrol. As a result, food prices are highly correlated with energy prices,” Danish news agency Ritzau quoted Marie Moesby, consumer economist at Nordea Bank, as saying.

“Another reason is that global shortages have occurred as a result of the Covid-19 pandemic. Shutdowns harmed some producers by preventing them from growing and transporting their produce.

“This had a pronounced effect on the price of cooking oils,” she said.

20220315-110803

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here