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Danish lawmakers have agreed a DKK 5.05 billion ($664 million) economic aid package to cushion the blow from soaring energy prices, despite a warning from the central bank, Reuters reports.

Denmark, like the rest of Europe, is trying to help households and companies cope with rising consumer prices after the pandemic and war in Ukraine.

The package included a tax cut on electricity prices and cash payments to families with young children.

The central bank this week warned against mitigating the impact of higher energy prices by cutting taxes, as it would raise prices even more and discourage energy savings. Finance Minister Nicolai Wammen insisted that the measure would not raise inflation.

Denmark had previously agreed to provide cash benefits for the elderly and limited annual rent increases for the next two years to help needy households.

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