What is the technical term for the resistance of prices to decrease?

[Superhal]

I know this is a common idea in economics, but I forget if there’s a special term for it:

Let’s say wheat prices double because of famine. As a result, bread prices to the consumer also double. However, when the famine ends, and wheat returns to it’s original price, the likelihood of the price of bread to decrease is lower.

In other words, it’s much easier for prices to go up than down.

[DSeid]

Price stickiness.

[Rumor_Watkins]

@Superhal

I know this is a common idea in economics, but I forget if there’s a special term for it:

Let’s say wheat prices double because of famine. As a result, bread prices to the consumer also double. However, when the famine ends, and wheat returns to it’s original price, the likelihood of the price of bread to decrease is lower.

In other words, it’s much easier for prices to go up than down.

greed?

kidding aside: Asymmetric price transmission

[Shalmanese]

When applied to wages, it’s called the ratchet effect.