The relationship between inflation and its volatility has been analyzed extensively in the macroeconomics literature. Most studies concluded that a strong and positive empirical relation exists between the variables. Over time, the topic was analyzed in more theoretical setups and the hypothesis that there exists a strong and positive relationship between inflation and its volatility came to be known as the Friedman-Ball hypothesis and was analyzed for many country groups and time periods. In

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... ntrast to these studies, especially after the 2008 financial crisis, other studies established that the relation could be non-monotonic. In the present study, the relation between inflation and its volatility has been analyzed for BRICS economies and the Euro area for the period 2002-2020 using two different inflation measures. We find that the Friedman-Ball hypothesis is confirmed when a long-term inflation measure is used and partly refuted when a short-term inflation measure is used. An implication is that the results are contrasting for emerging economies and for different inflation measures.