Apartment rents in Germany, for example, remain unchanged for more than four years, on average.19 Ranking industries by 9 / 16  BIS central bankers' speeches  frequency of price changes produces remarkably consistent results across economies, both within and outside the euro area.20 Estimates of sectoral Phillips curves corroborate these findings.
For France, for example, estimates show that the frequency of price changes across sectors ranges from a single quarter to almost two years. In virtually all service industries, the frequency of price changes is towards the upper end of this range.21 There are at least two factors that may help explain why services prices may react more sluggishly to changes in firms’ external conditions.