“…Although the revision of pricing tends to be time-dependent, with the revision of prices occurring periodically, the adjustment tends to be state-dependent on average. All these conclusions are valid, overall, for the Euro area (Fabiani et al, 2006), UK (Greenslade and Parker, 2012), Pakistan (Malik et al, 2008), Turkey (S ¸ahinöz and Saraçoglu, 2011), Brazil (Correa et al, 2018) and Mexico (Castañón et al, 2008). It is worth noting that Castañón et al (2008) finds that changes in costs are the primary reason for firms to revise their prices, as opposed to changes in demand.…”