Word: inflationitis
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Xu's lamentations, and those of her fellow Chinese, may soon be reverberating around the world, and particularly loudly at big-box retailers like Wal-Mart in the West. That's because all those inexpensive exports gushing out of Chinese factories - the $15 sweaters, the $25 sneakers, the...
Although it may not be evident at the local Wal-Mart yet, these forces may already be in play. Demand from China, along with other fast-growing emerging economies, has driven up the price of oil and a wide range of other commodities for the past several years...
But other costs are rising as well - property prices are going up countrywide at an annual rate of about 10%, according to UBS economist Jonathan Anderson - and Beijing's actions speak louder than its soothing words. After the August inflation figures were released, the government took the unusual...
Moves like the latter one could wind up stoking the fires of global inflation. After all, it was China's cheap laborers who turned the country into the world's factory. By one estimate, China's manufacturing unit labor cost was just 4% of that of the U.S...
If the pattern continues, things could get complicated for central bankers around the world, and for U.S. central-bank chairman Ben Bernanke in particular. Beset by a slowing economy amid the subprime loan meltdown, Bernanke is trying to ease interest rates without triggering higher inflation. Additional inflationary pressure...