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Higher electricity prices caused inflation to grow significantly in May. (Archive photo). Photo: Ida Marie Odgaard/Ritzau Scanpix

Inflation surges significantly

Consumer prices in May have more than doubled compared to the previous month, with the annual inflation rate reaching 2.2%, up from 0.8% in April, according to new figures from Statistics Denmark. The main driver of the higher inflation rate in May is the increasing prices of electricity. Economists anticipated this rise and thus see no cause for panic. Chief Economist Jeppe Juul Borre from Arbejdernes Landsbank explains that the rise is due to a comparative historical drop in prices last year, particularly in energy prices. Although there is no need for immediate concern, Borre suggests that inflation may continue to rise in the coming months.