Regina Kiss (Universität Wien) and Georg Strasser (Directorate General Research, European Central Bank) show that households differ considerably in terms of the inflation they experience at any point in time.
Households differ widely in terms of their shopping behaviour, product choice and consumption basket and therefore end up experiencing very different inflation rates for supermarket goods – even within seemingly narrowly defined social groups, such as a given low-income group.
Assumptions
such as common real interest rates or common inflation expectations
might thus be rather imperfect descriptions of reality.
The ECB Research Bulletin features a selection of
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