{"id":55400,"date":"2026-02-23T17:00:00","date_gmt":"2026-02-23T16:00:00","guid":{"rendered":"https:\/\/www.11onze.cat\/?p=55400"},"modified":"2026-02-12T19:19:45","modified_gmt":"2026-02-12T18:19:45","slug":"new-normal-high-prices","status":"publish","type":"post","link":"https:\/\/www.11onze.cat\/en\/magazine\/new-normal-high-prices\/","title":{"rendered":"Have We Entered a New Normal of High Prices?"},"content":{"rendered":"<div class=\"component text\">\n  <div class=\"container\">\n\n\n    <div class=\"row\">\n      <div class=\"col  col-lg-8  offset-lg-2\">\n        <h3><b>For months, official inflation figures have appeared to moderate. But the feeling in supermarkets, in rents, and in bills tells a different story. The question is no longer whether inflation will fall, but whether it will ever return to what it once was.<\/b><\/h3>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Recently, institutional discourse has insisted on conveying calm, claiming that inflation was transitory. Or at least a simple accident caused by the pandemic, logistical bottlenecks, or energy prices. And that once the situation normalized, prices would return to their place. Today, that promise rings hollow. And more and more economists admit what many households already know: <\/span><b>perhaps we have entered a new normal of high prices<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For decades, Western economies lived within a historical exception: <\/span><b>stable prices, low-interest rates, and abundant money<\/b><span style=\"font-weight: 400;\">. Any inflationary spike was considered a temporary anomaly that central banks would quickly correct. The key word was \u201ccontrol.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That narrative broke in 2020. The pandemic disrupted global supply chains built on extreme efficiency criteria. The war in Ukraine sent energy and basic food prices soaring. And the response from governments and central banks \u2014 massive monetary expansion and unprecedented public debt \u2014 <\/span><b>injected an enormous amount of liquidity into the economy<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/ec.europa.eu\/eurostat\/web\/hicp\"><span style=\"font-weight: 400;\">Eurostat<\/span><\/a><span style=\"font-weight: 400;\"> data, inflation in the euro area reached historic highs in 2022. Despite subsequent moderation, <\/span><b>the general price level has not fallen; it has simply stopped growing as quickly<\/b><span style=\"font-weight: 400;\">. And this distinction is crucial: while inflation can decline, prices rarely do.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Structural Factors Pushing Prices Up<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">The problem is not merely cyclical. There are underlying forces pointing toward <\/span><b>a change in economic regime<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><b>De-globalization is one of them<\/b><span style=\"font-weight: 400;\">. Companies are reconfiguring production chains to reduce geopolitical dependencies. Producing closer to home is safer, but also pricier. The energy transition, necessary and inevitable, involves multi-billion investments that are passed on to final costs. Demographic ageing pressures public systems and reduces the working population. And permanent geopolitical tensions introduce volatility that is no longer exceptional, but structural.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Added to all this is an often overlooked element: debt. <\/span><b>States carry levels of indebtedness that make it very difficult to return to a world of low real interest rates without creating new distortions<\/b><span style=\"font-weight: 400;\">. In this context, moderate but persistent inflation acts as a silent tool of fiscal rebalancing.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><b>Rising Prices, Wages That Do Not Keep Up<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is where inflation shows its most uncomfortable face. Despite wage revisions recently, purchasing power has not recovered. Data from <\/span><a href=\"https:\/\/www.ine.es\/dyngs\/INEbase\/es\/operacion.htm?c=Estadistica_C&amp;cid=1254736177025&amp;menu=ultiDatos&amp;idp=1254735976596\"><span style=\"font-weight: 400;\">Spain\u2019s National Statistics Institute <\/span><\/a><span style=\"font-weight: 400;\">(INE) show wage increases that, often, <\/span><b>only partially offset the rise in the cost of living<\/b><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The result <\/span><b>is a progressive erosion of middle incomes<\/b><span style=\"font-weight: 400;\">. It is not a tax approved by Parliament, but it acts as if it were. Savings lose value. Salaries barely stretch to the end of the month. And the ability to plan long term diminishes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing is the clearest example. Soaring rents, limited supply, and wages that cannot keep pace. But it is not the only case. Food, insurance, basic services. <\/span><b>What was once exceptional is now routine<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"https:\/\/cta-eu1.hubspot.com\/web-interactives\/public\/v1\/track\/redirect?encryptedPayload=AVxigLJ6Mj3EDq%2FJWVS7Zv6eGxqgvwiipMIVHP9Wnm7s8JLJ1mO2L%2BMwlA7m4qTiF1xMKVa4IcKXgb01GB7jJ3OlKbjRozjgoBeruIp0JyCg2xlaMkCAP37J%2FsO4JPOn%2FCVfhHppcBH%2FJgSq2%2BPQK%2F0fBiY3RbFnaymd4Ohew5%2B8G%2B%2B5CTVVw1qH8yMvmBugdHkn4KFIMUK2CA9PJ30p58j8BDtFTNU601dF1UXHY%2FTuTyNpxdodWPFwNcFac8Z%2B92i%2FjfxeyxPC7uo2%2FkfQYIxZJl4rOghennmYb2dz3GrmZ7gy0MjlQYc%3D&amp;webInteractiveContentId=264445798628&amp;portalId=24960543\" target=\"_blank\" rel=\"noopener\"><br \/>\n<img decoding=\"async\" style=\"height: 100%; width: 100%; object-fit: fill;\" src=\"https:\/\/hubspot-no-cache-eu1-prod.s3.amazonaws.com\/cta\/default\/24960543\/interactive-264445798628.png\" alt=\"\" \/><br \/>\n<\/a><\/p>\n<h3><b><br \/>\nAn Uncomfortable New Normal<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Assuming that prices will not return to past levels is not pessimism. It is realism. <\/span><b>The economy ahead will be more expensive, more volatile, and less predictable<\/b><span style=\"font-weight: 400;\">. Waiting for a return to a world of cheap money and contained prices may be a strategic mistake, both personally and collectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This does not mean resignation. It means adaptation. Understanding how structural inflation works. Reviewing consumption habits. Rethinking savings and <\/span><b>wealth protection in an environment where idle money loses value year after year<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It also means demanding transparency. Macroeconomic figures may improve, but if they do not translate into real well-being, something is wrong. <\/span><b>The gap between statistics and citizens\u2019 perception is not a communication problem<\/b><span style=\"font-weight: 400;\">: it is a model problem.<\/span><\/p>\n<h3><b>\u00a0<\/b><\/h3>\n<h3><b>Facing Inflation Head-On<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Inflation is not just an economic indicator. <\/span><b>It is a daily experience<\/b><span style=\"font-weight: 400;\">. And, like any persistent experience, it ends up shaping behaviors, expectations, and life decisions. Ignoring it or dressing it up with reassuring speeches does not help in making good decisions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understanding that we may have entered a new normal of high prices is uncomfortable, but necessary. <\/span><b>It is the first step toward stopping looking back with nostalgia and starting to think strategically about how to protect the present and the future<\/b><span style=\"font-weight: 400;\">. Understanding structural inflation is the first step toward protecting oneself from it.<\/span><\/p>\n<p><b>If you want to discover the best option to protect your savings, enter <a href=\"https:\/\/serveis.11onze.cat\/en\/preciosos-11onze\">Preciosos 11Onze<\/a>. We will help you buy at the best price the safe-haven asset par excellence: physical gold.<br \/>\n<\/b><\/p>\n\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>\n\n\n<div class=\"component cards\">\n  <div class=\"container\">\n    <div class=\"row\">\n      <div class=\"col col-xl-8 offset-xl-2\">\n        <h1>If you would like to learn more about this topic, we recommend:<\/h1>\n        <div class=\"cards__wrapper\">\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/being-said-davos\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2026\/01\/THUMBNAIL_Forum_Davos_2026-768x512.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Economy<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>What is not being said in Davos<\/strong><\/p>\n              <span class=\"card-time\">4 min read<\/span>\n              <p class=\"card-text small\">Every January, Davos becomes the nerve centre of&#8230;<\/p>\n            <\/div>\n          <\/div>\n\n\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/less-uuro96-on-your-payslip\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2025\/10\/THUMBNAIL_Menys_96E_Nomina-768x512.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Economy<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>\u2212\u20ac96 on your payslip: what\u2019s being withheld<\/strong><\/p>\n              <span class=\"card-time\">4 min read<\/span>\n              <p class=\"card-text small\">When you receive your payslip and notice that nearly&#8230;<\/p>\n            <\/div>\n          <\/div>\n\n\n          <div class=\"card\">\n            <a href=\"https:\/\/www.11onze.cat\/en\/magazine\/europe-trapped-inflation\/\" class=\"card-link\" target=\"_self\"><\/a>\n            <div class=\"card-img\">\n              <img decoding=\"async\" src=\"https:\/\/www.11onze.cat\/wp-content\/uploads\/2025\/09\/THUMBNAIL_Europa_atrapada_inflacio-768x512.jpg\" class=\"card-img-top\" alt=\"\">\n                <span class=\"card-category\">Economy<\/span>\n            <\/div>\n            <div class=\"card-body\">\n              <p class=\"card-title p2\"><strong>Europe trapped in inflation<\/strong><\/p>\n              <span class=\"card-time\">4 min read<\/span>\n              <p class=\"card-text small\">Inflation has once again taken centre stage in the global&#8230;<\/p>\n            <\/div>\n          <\/div>\n\n              <\/div>\n              <br>\n              <br>\n              <div class=\"cards__wrapper\">\n\n        <\/div>\n      <\/div>\n    <\/div>\n  <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":71,"featured_media":55402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"content-type":"","footnotes":""},"categories":[1],"tags":[172],"class_list":["post-55400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-economy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Have We Entered a New Normal of High Prices? -11Onze<\/title>\n<meta name=\"description\" content=\"Inflation is moderating, but prices are not falling. 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