We investigate output sensitivity of inflation in the euro area through a disaggregated analysis using price indices at … of the ICSP is significantly higher than that of headline inflation. The difference in output sensitivity is most … striking between the ICSP and core inflation because of the rather strong cyclical sensitivity of processed and unprocessed …

aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …