State- and time-dependent pricing By Philip Bunn, Nicholas Bloom, Craig Menzies, Paul Mizen, Gregory Thwaites and Ivan Yotzov We present new evidence on how firms set prices using direct questions from a large economy-wide survey of UK firms. Since 2023, 54% of firms report setting prices in a state-dependent manner, as opposed to changing prices at fixed intervals. In contrast, 44% of firms used state-dependent pricing in 2019.