This dispersion level is similar to that of the 14 US Metropolitan Statistical Areas (MSAs) which also stood at 1 % on average over the same period, but somewhat higher than for the four US census regions. Although such comparisons are subject to some well-known caveats, I would argue that inflation dispersion in the euro area has not been high by international standards.
10 A feature of euro area inflation differentials is their persistence over long periods, and in this respect the euro area differs from the US. 11 Inflation in most Member States displays significant inertia, with many countries that have had inflation rates above the euro area average in recent years remaining on average in this position for long periods.