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Lourdes Maria Zulli Gandur

13 November 2025
ECONOMIC BULLETIN - BOX
Not all prices disinflate alike: disentangling the dynamics of sticky and flexible-price items
Economic Bulletin Issue 7, 2025
English
Details
Abstract
This box draws on micro price evidence on the frequency of price adjustments to disentangle the roles of sticky and flexible-price items in shaping recent disinflation dynamics in the euro area. Inflation of sticky core items has eased only gradually, while flexible core inflation has returned closer to its pre-pandemic average. Among subcategories, flexible goods drove the surge in non-energy industrial goods inflation, while the persistence of services inflation reflects contributions from both sticky and flexible-price items. The recent persistence of sticky core inflation underscores the roles of past cost shocks and elevated wage pressures. In view of its close link to long-term inflation expectations and the moderation of wage pressures, sticky core inflation is likely to disinflate further.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
20 March 2025
ECONOMIC BULLETIN - BOX
Understanding the relative development of goods and services inflation
Economic Bulletin Issue 2, 2025
English
Details
Abstract
Historically, stronger dynamics in services prices than in non-energy industrial goods (NEIG) prices have led to a persistent positive gap between services and NEIG inflation rates. However, the relative price of goods versus services rose rapidly in 2021-2022 before subsequently falling back. This box reviews this episode and examines whether the pre-pandemic trend in this relative price development provides a good benchmark for future developments, also taking into account the potential impact of structural factors related to deglobalisation, digitalisation, demographic trends and climate change.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy