There have been only two periods since 1971 when things did not go that way and the rate of increase in the CPI was higher than that of wages – the second oil shock in 1980 and a surge in international commodity prices during 2007 and 2008 (Chart 11).
Both episodes occurred when the  BIS central bankers’ speeches  5  inflation rate surged temporarily due to a supply shock; namely, to external factors other than domestic demand.