Analyses focus on current issues of particular relevance to Danmarks Nationalbank’s objectives. The analyses may also contain Danmarks Nationalbank’s recommendations. They include our projections for the Danish economy and our assessment of financial stability. Analyses are targeted at people with a broad interest in economic and financial matters.
New evidence on the inflation expectations of Danish households
Danmarks Nationalbank’s new monthly expectations survey provides detailed evidence on the inflation expectations of Danish households since October 2024. In recent years, inflation expectations among Danish households have been substantially lower than peak inflation levels in 2022. Inflation expectations of Danish households have responded to economic developments much like inflation expectations in the euro area. Because inflation expectations influence economic decisions of households, they are important for understanding current and future real economic activity as well as inflation dynamics.
Key messages
Why is this important?
Inflation expectations shape economic decisions of households. When households expect higher inflation, they may bring consumption forward, adjust their portfolios, or reconsider mortgage choices. For central banks, well-anchored medium-term inflation expectations are important because they influence inflation outcomes and reflect the credibility of monetary policy. Central banks therefore often aim to keep medium-term inflation expectations low and stable.
Main chart
New measures of household expectations indicate stable inflation expectations
Note:
The chart shows the interpolated median for all series. Responses have been post-stratified to represent the Danish population. See Bech et al. (2026) for further details.
Source:
Danmarks Nationalbank’s Expectations Survey.