Most consumer price variations from 1992 to 2024 can be explained by the indices of wages and import prices. In periods including the tumult around the bank collaps 2008, import prices provide most information; the relationship between wages and prices is disturbed and the model fit is improved by including variable seasonality and random walk. But in periods before and after this, the ratio between wages and prices is the most important explanatory variable, especially in the period from 2010 to 2024 where the best model fit is obtained.
