From September 2023 the support scheme for high electricity prices has been changed. Previously, the support was based on the monthly average spot price, and the government covered 90 per cent of the price exceeding 70 øre per kilowatt hour. This rate was multiplied with each household’s electricity consumption for the month, to calculate its support allowance. From September, it is the price and consumption per hour which is the basis for calculating the support allowance. The price used in the CPI is calculated by subtracting the allowance from each hour’s price. There are systematic patterns in the consumption through the day. Therefore, the hourly price, less support, is aggregated to a daily price by weighing each hour based on the consumption pattern in 2022. These daily prices are aggregated to a monthly price by a simple, unweighted average, and the monthly price is used in the calculation of CPI.
CPI up 4.0 per cent last 12 months
From October 2022 to October 2023 the Consumer Price Index (CPI) increased by 4.0 per cent, while the CPI adjusted for tax changes and excluding energy products (CPI-ATE) rose by 6.0 per cent. The CPI increased by 1.0 per cent from September to October 2023, while the CPI-ATE increased by 0.6 per cent in the same period.
Published: 10 November 2023