The inflationary pressures determined by the aggregate demand are, generally, evaluated by assessing the level of economic activity that is above or below the potential output. Another approach that can provide significant information about the level of inflationary pressures is to consider the data concerning the economic activity along with the monetary aggregates. The difference between the current price level and the equilibrium price level determined by the structural characteristics of the economy exerts pressures on the level of inflation in the future periods and it can be used as an important indicator for monetary policy authorities in the decision making process. The analysis of the evolution of this deviation from the equilibrium prices and of the core inflation denotes a certain co-movement between the two.