Inflation is so far away from the economic priorities of developed countries that it has been easy to underestimate the growing price worries of emerging economies. But a sharp sell-off in emerging market equities – triggered by last week’s Chinese inflation data – is a reminder that prices need watching – and in some countries require urgent policy action.
The 4.4 per cent year-on-year increase in consumer prices announced by Beijing is the highest for two years and exceeds the authorities’ 3 per cent comfort level.
In the other Bric countries inflation is even higher – 8.6 per cent in India, 7.5 per cent in Russia and 5.2 per cent in Brazil. Elsewhere, it is 10 per cent in Ukraine and 25 per cent in Venezuela.
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