Danish inflation is again above 2%

Danish inflation is likely to remain above 2% for much of 2027 as energy prices reverse recent disinflationary effects.

• The consumer price index was unchanged month on month in September, versus Nordea’s expectation of a 0.2% decline.
• Lower summer-house rents reduced monthly inflation by 0.56 percentage points, but higher fuel prices added 0.22 points and air tickets added 0.12 points.
• Annual inflation rose to 2.2% from 2.0% in August, its highest level since September 2025; fuel contributed 0.64 percentage points, rents 0.52 points and hotels 0.18 points.
• Food prices fell 0.6% month on month and reduced annual inflation by 0.25 percentage points, while lower electricity tariffs subtracted 0.23 points.
• Nordea expects inflation to average 1.8% in 2026 versus 1.9% in 2025, with oil and natural-gas prices linked to the Middle East conflict creating upside pressure.

Takeaway: The near-term inflation outlook has shifted upward because of energy prices, but the forecast remains dependent on future oil prices and the absence of further tax reductions.