[Verse 1]
Back in '73, something shifted in the gears
Prices climbed the ladder, wouldn't come back down for years
What went up stayed frozen, like molasses in the cold
When inflation takes the wheel, watch the old rules lose their hold
[Chorus]
Sticky prices, sticky wages, glued up tight
Expectations, indexation, holding prices high
Credibility is cracking, productivity's slow
When the stickiness kicks in, that's how the story goes
Sticky, sticky, won't come down
Sticky, sticky, all around
[Verse 2]
Workers bargain harder when they see the future's bleak
Contracts lock in raises for the wages that they seek
COLA clauses climbing with the cost of living's surge
When tomorrow looks expensive, higher pay demands emerge
[Chorus]
Sticky prices, sticky wages, glued up tight
Expectations, indexation, holding prices high
Credibility is cracking, productivity's slow
When the stickiness kicks in, that's how the story goes
Sticky, sticky, won't come down
Sticky, sticky, all around
[Bridge]
Central bankers talking tough but markets question if they're real
Policy without conviction makes the sticky wheels spin
Productivity's crawling while the costs keep multiplying
Once the spiral gets momentum, fighting back feels like you're dying
[Verse 3]
Oil shocks and supply chains threw the engine out of whack
Growth slowed down to nothing while the prices stayed on track
What used to flex and bend now stood rigid as a board
The regime break of '73 rewrote the economic chord
[Final Chorus]
Sticky prices, sticky wages, locked in place
Expectations, indexation, inflation's embrace
When credibility falters and the growth begins to stall
That's when sticky prices rise and rarely ever fall
Sticky, sticky, here to stay
Sticky, sticky, the new way