{"id":1567,"date":"2011-10-25T23:01:14","date_gmt":"2011-10-26T03:01:14","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=1567"},"modified":"2011-10-25T23:01:14","modified_gmt":"2011-10-26T03:01:14","slug":"china-the-case-of-the-missing-inflation-ft-com","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/25\/china-the-case-of-the-missing-inflation-ft-com\/","title":{"rendered":"China: the case of the missing inflation \u2013 FT.com"},"content":{"rendered":"<p>While most analysts pored over the numbers to get a sense of how growth was holding up, at least two spotted a large discrepancy between reported price changes and implied price changes.<\/p>\n<p>The gap is more than just an academic curiosity. It suggests that inflation is a lot stronger than the government has been saying and could explain why Beijing has been so reluctant to loosen policy despite a slowing economy.<\/p>\n<p>&#8230;.China chalked up an implied GDP deflator of 10.3 percent year-over-year in the third quarter, the highest since it started publishing quarterly growth figures in 1999, noted Wei Yao, an economist with Societe Generale. That was well above the 6.3 percent rise in the consumer price index during the same three months.<\/p>\n<p>Diana Choyleva, an economist with Lombard Street Research, found that the chasm was even bigger in quarter-on-quarter terms: the GDP deflator was up 3.8 percent, while CPI was up just 1.5 percent.<\/p>\n<p>&#8230;.the gap between the deflator and CPI is usually innocuous, just a couple of percentage points.<\/p>\n<p>via <a href='http:\/\/blogs.ft.com\/beyond-brics\/2011\/10\/19\/china-the-case-of-the-missing-inflation\/?ftcamp=traffic\/email\/content\/booster\/\/memmkt#axzz1bqrktwPK'>China: the case of the missing inflation | beyondbrics | News and views on emerging markets from the Financial Times \u2013 FT.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While most analysts pored over the numbers to get a sense of how growth was holding up, at least two spotted a large discrepancy between reported price changes and implied price changes. The gap is more than just an academic curiosity. It suggests that inflation is a lot stronger than the government has been saying &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/25\/china-the-case-of-the-missing-inflation-ft-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;China: the case of the missing inflation \u2013 FT.com&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[854,1526,1828],"class_list":["post-1567","post","type-post","status-publish","format-standard","hentry","category-china-hk","tag-cpi","tag-gdp-deflator","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China: the case of the missing inflation \u2013 FT.com - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China: the case of the missing inflation \u2013 FT.com - the patient investor\" \/>\n<meta property=\"og:description\" content=\"While most analysts pored over the numbers to get a sense of how growth was holding up, at least two spotted a large discrepancy between reported price changes and implied price changes. The gap is more than just an academic curiosity. 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Lombard Street Research assumes that Chinese officials followed that approach: Via Wall Street Journal Blogs Lombard Street Research, a London economic research firm that takes a bearish view on China,\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"China GDP","src":"https:\/\/i0.wp.com\/snbchf.snbchfcom.netdna-cdn.com\/wp-content\/uploads\/2014\/03\/AI-CG267_GDP_CR_G_20140123223231.jpg?resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/snbchf.snbchfcom.netdna-cdn.com\/wp-content\/uploads\/2014\/03\/AI-CG267_GDP_CR_G_20140123223231.jpg?resize=350%2C200 1x, https:\/\/i0.wp.com\/snbchf.snbchfcom.netdna-cdn.com\/wp-content\/uploads\/2014\/03\/AI-CG267_GDP_CR_G_20140123223231.jpg?resize=525%2C300 1.5x"},"classes":[]},{"id":32328,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/04\/29\/stocks-winter-is-coming\/","url_meta":{"origin":1567,"position":1},"title":"Stocks: Winter is coming","author":"Colin Twiggs","date":"April 29, 2022","format":false,"excerpt":"GDP grew by a solid 10.64% for the 12 months ended March '22 but that is in nominal terms. GDP for the quarter slowed to 1.58%, while real GDP fell to -0.36%. Not only is growth slowing but inflation is taking a bigger bite. The implicit price deflator climbed to\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"GDP","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-29-gdp.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-29-gdp.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-29-gdp.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-04-29-gdp.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":11815,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/05\/13\/us-gdp-where-is-it-headed\/","url_meta":{"origin":1567,"position":2},"title":"US GDP: Where is it headed?","author":"ColinTwiggs","date":"May 13, 2015","format":false,"excerpt":"I originally got this from Matt Busigin (I think). Average Hourly Earnings multiplied by Average Weekly Hours (Total Private: Nonfarm) gives a pretty good indication of where GDP is headed, well ahead of the BEA accounts. Remember this is nominal GDP, so the latest (April 2015) figure of 4.38% would\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"Nominal GDP compared to Average Hourly Earnings of All Employees (Total Private) multiplied by Average Weekly Hours (Total Private Nonfarm)","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-14-gdp-earnings.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-14-gdp-earnings.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-05-14-gdp-earnings.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":4569,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/07\/forex-australia-be-careful-what-you-measure\/","url_meta":{"origin":1567,"position":3},"title":"Forex: Australia &#8211; be careful what you measure","author":"Colin Twiggs","date":"June 7, 2012","format":false,"excerpt":"The Aussie Dollar rallied strongly off support at $0.96 against the greenback, on the back of strong GDP numbers. Expect a test of the declining trendline around $1.02. A peak below zero on 63-day Twiggs Momentum, however, would warn of a strong primary down-trend. Be careful what you measure! Australian\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":17081,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/09\/22\/how-will-a-bond-bear-market-affect-stocks\/","url_meta":{"origin":1567,"position":4},"title":"How will a bond bear market affect stocks?","author":"Colin Twiggs","date":"September 22, 2018","format":false,"excerpt":"10-Year Treasury yields broke out of their triangular consolidation at 3.00%, while the Trend Index recovered above zero signaling a fresh advance. Importance of resistance at 3.00% is best illustrated on a long-term monthly chart. Yields declined for more than three decades (since 1981) in a bond bull market but\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13626,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/29\/why-the-fed-should-use-ngdp-targeting\/","url_meta":{"origin":1567,"position":5},"title":"Why the Fed should use NGDP targeting","author":"ColinTwiggs","date":"July 29, 2016","format":false,"excerpt":"Good point made by R.A. in The Economist as to why the Fed should target nominal GDP rather than inflation: One of the strongest points in favour of NGDP targeting, in my view, is that it implied a need for far more action from the Fed far earlier in this\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/2016-07-29-ffr.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/2016-07-29-ffr.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/2016-07-29-ffr.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/2016-07-29-ffr.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2016\/07\/2016-07-29-ffr.png?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=1567"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/1567\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=1567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=1567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=1567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}