Lorenzo Bini Smaghi: The world after the crisis – designing the future. A monetary order for the XXI century Speech by Mr Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, at the Aspen Institute Italia, World Economy Conference, Villa Madama, Rome, 23 June 2009.
This is because nominal wages have increased for the past few  6  years and the positive rate of change in the number of employees has taken hold. Thus, the likely reason why prices have become more stable recently is that households' tolerance of price rises has risen, albeit moderately, with the employment and income situation improving.