017期|消费者价格: 全民公敌(上)
日期:2023-04-11 08:00

(单词翻译:单击)

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Consumer prices: public enemy

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消费者价格:全民公敌

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America was first, now inflation is starting to look entrenched in other places.

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美国首当其冲,现在通货膨胀在其他地区也开始显得根深蒂固ER3J3b&~Smo

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Inflation dominates the American popular psyche to an extent not seen since the 1980s, when prices were last rising at the current pace. Much like complaining about the weather or last night's basketball play-offs, moaning about higher prices has become a conversation starter.

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自上世纪80年代至今,(美国)物价上涨速度首次与当年持平,通货膨胀也以前所未有的程度主导着美国大众心理+lswE^Md31p8&o&。正如同人们曾经抱怨天气或前一天晚上的篮球季后赛一样,现在物价上涨已经成为了人们挂在嘴边的日常话题plp%_st=EfVc

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According to figures published on May 11th, consumer prices rose by 8.3% in April, compared with the previous year. A day earlier, President Joe Biden called fighting inflation his "top domestic priority".

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5月11日公布的数据显示,四月份美国的消费者价格比去年上涨了8.3%1Uwl4@~)v-_wj.j。一天前,美国总统拜登称抗击通胀是其“国内第一要务”&A*8~R.01-NgQ~S

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Newspapers are publishing four times as many stories mentioning inflation as they did a year ago; several polls suggest that Americans believe inflation is a bigger problem for their country than the war in Ukraine.

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报纸上通货膨胀相关报道的数量是去年的四倍;几项民意调查显示,美国民众认为对他们国家而言,通货膨胀是比乌克兰战争更大的问题B6_F(SujMnP^m(t0p

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But America is not alone. Inflation is also becoming baked into everyday life in other parts of the rich world.

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但是不止美国是这种情况,在其他富裕国家,通货膨胀也正在成为人们日常生活的一部分g6*gf(a@5!JX

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The Economist has gathered data on five indicators across ten big economies—"core" inflation, which excludes food and energy prices; the dispersion in inflation rates for the sub-components of the consumer-price index; labour costs; inflation expectations; and Google searches for inflation.

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《经济学人》收集了十大经济体五个指标的数据:除开食品和能源价格以外的“核心”通胀率、消费者价格指数各分项通胀率的离散程度、劳动力成本、通胀预期,以及谷歌关于通货膨胀的搜索量1#qFR.[[MdGxAv

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To gauge where inflation has become most pervasive, we rank each country according to how it fares on each measure, and then combine these ranks to form an "inflation entrenchment" score.

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为了衡量哪些国家的通胀最为普遍,我们根据每个国家在各项指标上的表现给它们排名,然后结合这些排名以形成最终的“通胀防御”得分JU,Z~&==U7YZ*nDlom

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Continental Europe, so far at least, seems to have escaped the worst of the scourge. Inflation is leaving barely a trace on Japan.

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至少到目前为止,欧洲大陆似乎避免了这场灾难的最坏影响,日本几乎没有通货膨胀的痕迹#+KU%c*rKnWs&wqM

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But it is entwining itself around Anglophone economies. Canada is faring slightly worse even than America. Britain has a big problem on its hands.

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但通货膨胀和以英语为母语的经济体紧密交织cH0*O*NBb7X。加拿大的情况甚至比美国还要糟糕,英国也有一个严峻的问题亟待解决spjm)+83!yN5a=

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A few factors explain the differences. Total fiscal stimulus across Anglophone countries in 2020-21 was about 40% more generous than in other rich places, according to our estimates.

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有几个因素可以解释这种差异HmDUy2%mPS)8#=^joaD。据我们估算,在2020至2021年,英语国家的财政刺激总额比其他富裕地区大约高出40%1xS3e7QjhLaY*Ozm

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It was also more focused on handouts to households (such as stimulus cheques). That may have further stoked demand.

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(这些国家的)财政刺激也更注重对家庭的救济(比如刺激性支票),这可能进一步刺激了需求jIl_xtWte|Sozjo*

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Monetary policy in the euro area and Japan was already ultra-loose before the pandemic, limiting the amount of extra stimulus central banks could provide.

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在新冠疫情之前,欧元区以及日本地区的货币政策就已经非常宽松,从而限制了央行可以提供的额外刺激的数量r3.;mgIw-w1uTQOh]GP

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Britain's inflation may also reflect an idiosyncratic factor: Brexit. It turns out that breaking with your largest trading partner causes costs to rise.

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英国的通胀可能也反映了“英国脱欧”这一特殊因素的影响i.zeRYO]3C#u。事实证明,与自己最大的贸易伙伴分道扬镳将会导致成本上升@r~,[d+neo|%_eW

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