Anchored low, drifting, or spiralling inflation?
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Distinct regimes with their own dynamics: (1) anchored at target (1990-2020), (2) transitory (post-COVID), (3) persistent (post-2022), (4) wage-price spiral. Diagnostics: inflation expectations (survey, market-implied), core inflation, sticky prices, wage growth. olivLaw cross-checks Romanian HICP against Eurostat (see macro_guard) and uses supply/demand decomposition.