Your friend in Argentina texts you that inflation there has averaged 4.6% for the last 10 years. You wonder how it can remain so high and conclude:

A) There must have been a series of supply-side shocks resulting in negative output gaps.
B) There must have been a series of demand-side shocks resulting in negative output gaps.
C) Inflationary expectations must be locked in solidly there.
D) Your friend must be wrong: that level of inflation for a decade is impossible.