And they do not depend solely on inflation – or inflation expectations, to be precise – but also on the real interest rate, which is driven primarily by growth expectations. After all, it is ultimately enterprises and house builders, of course, that pay interest. And they can only do that if they are in a good economic position.
For the former, this tends to have a stimulating effect on consumption and investment and to lower real interest expenses on public debt. For low inflation countries, the opposite holds true. Ceteris paribus, both effects would tend to increase the inflation dispersion even further.