Rising energy costs send food prices skyrocketing in Denmark

Rising energy costs send food prices skyrocketing in Denmark
March 14, 2022, 5:05 pm

Historic center in Copenhagen, Denmark (File photo: Pixabay)

The Xinhua reported, according to figures published by Statistics Denmark on Monday that food prices in Denmark increased by 5.7 percent in February compared to the same month last year, outpacing the consumer price index as a whole.

The consumer price index increased 4.8 percent year-on-year in February owing primarily to rising energy prices and global shortages.

Between February 2021 and February 2022, the price of butter increased 16.3 percent, that of cooking oils went up 20 percent, and pasta prices surged an astounding 24.3 percent in the country.

Statistics Denmark said that prior to the current spike in food prices, the last significant increase -- five percent -- was registered in 2012.

Second hand market in Denmark (File photo: Pixabay)

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

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She said: "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."

Source: xinhua

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