Price up, volume steady — until it wasn't
each dot = a quarter · indexed to 100 · illustrative
90
100 price index
110
80
100
120 vol
Q1'24
Q3'24
Q1'25
Q2'25
Q3'25
Q4'25
the elasticity cliff
volume −14% in two quarters
Three price rises cost almost nothing; the fourth cost 14 points of volume. The path shape is the pricing memo (cf. fit 35, tree 39).