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Denmark: Lettuce crisis largely responsible for rising food prices

Zoom in font  Zoom out font Published: 2017-03-16  Views: 6
Core Tip: The lettuce crisis has played a major role in boosting Danish food prices, which have increased by 2.6 percent since February 2016.
 The lettuce crisis has played a major role in boosting Danish food prices, which have increased by 2.6 percent since February 2016.
 
Prices of items such as food, clothing and electronics have reached their highest rate since February 2012, according to the most recent figures from Statistics Denmark.
 
The headline inflation, measured by the consumer price index, rose by one percent in February compared with the same period a year ago. "It is the largest annual price increase of goods since December 2012. It is largely food and fuel that have caused the prices of goods to increase," reports Statistics Denmark. 
 
Meanwhile, transport prices have increased by 3.2 percent since last year, influenced by rising oil prices, while food prices have risen by 2.6 percent since February 2016. 
 
The shortage of Spanish lettuce has continued in March. "A lettuce crisis started because of bad weather in southern Europe, which has caused prices to rise, but it seems that Danish stores have prevented much of the price increase from affecting consumers, compared with what we see, for example, in Germany. In the Euro area as a whole, inflation was twice as high as in Denmark in February," stated Danish Bank chief economist Las Olsen. However, inflation is historically still quite low, and that is good news for the purchasing power of Danish citizens. 
 
"An inflation rate of around 1.25 percent is certainly not inconceivable; consequently, there are still prospects of decent wages on the Danish labour market this year. We must, in other words, not be particularly concerned about rising inflation," said Danish Chief Economist Steen Bocian.
 
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