One factor in relatively-low income countries, such as Greece, is the so called BalassaSamuelson effect, according to which long-term differentials in regional inflation are attributable to  2  BIS Review 49/2005  differences in the rate at which productivity increases in the various regions' tradable and non-tradable goods sectors.
In particular, because the outlook for interest rates and the economy was so important to my bank and my customers, I spent considerable effort trying to understand the Federal Open Market Committee (FOMC), the Fed’s primary monetary policymaking body, and trying to anticipate the decisions coming out of individual FOMC meetings.