This paper provides evidence on the forms that take price adjustments at the firm level, by exploiting the price changes observed in an (unbalanced) panel sample of more than 2,000 Spanish manufacturing firms from 1990 to 1997. Without assuming a particular model for adjustments, we firstly measure for each firm at each time its “price disequilibrium”, or difference between the actual and desired prices. Observed price changes are then related to the initial price disequilibria. Using a non-parametric framework we explore both inaction (no price change) and the part of the price gap that is closed in a given period, as functions of disequilibria.