Chinese inflation jumps to 3-year high
The U.S. government always releases bad news late Friday, after most journalists took off work a little earlier and rallied to their local water sources. Apparently, on Saturday morning is the Chinese equivalent.
Today, China announced that inflation in June was 6.4%, more than analysts had expected, marking three years in all high (according to Bloomberg).
This is a major concern in Beijing, and in contradiction with the recent comments by Prime Minister Wen Jiabao China’s inflation was whipped.
If the Chinese act quickly, you can probably get a good deal on a warehouse full of “Whip Inflation Now” buttons and stickers left on the Ford administration.
On the other hand, we must hold on to them, because it is quite certain that we will soon need them, too.