Greene from the central bank dropped an interesting take recently - apparently, when people look at their bills, energy costs for running households don't hit quite as hard psychologically compared to what they're shelling out at the pump.

Think about it: you fill up your tank and watch those numbers climb in real-time, feels immediate and painful. But utility bills? They kind of fade into the background of monthly expenses. Different beast entirely in terms of how consumers perceive inflation pressure.

This matters more than you'd think for monetary policy decisions. If fuel price spikes trigger stronger behavioral responses than equivalent increases in electricity or heating costs, policymakers need to factor that into their inflation-fighting playbook. The same dollar amount doesn't carry the same weight in people's minds depending on where it shows up.