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Finance and economics
财经版块
Price rises
价格上涨
Curse of the Anglosphere
英语国家的诅咒
Which country will escape inflation last?
哪个国家将最后摆脱通胀？
In January prices across the rich world rose by 5.7% year on year, down from a peak in late 2022 of 10.7%.
今年1月，富裕国家的物价同比上涨5.7%，低于2022年末10.7%的峰值。
This conceals wide variation, however.
然而，这个数据掩盖了巨大的差异。
Some countries have slain the inflation beast.
一些国家已经消灭了通胀猛兽。
Others are still in the fight of their lives.
其他人仍在拼命与之搏斗。
To get a view of the various battlefields, we have updated our measure of “inflation entrenchment” for ten rich countries.
为了了解不同战场的情况，本刊更新了我们对十个富裕国家的“通胀顽固性”的衡量结果。
The measure comprises five indicators: core inflation, unit labour costs, “inflation dispersion”, inflation expectations and Google-search behaviour.
该结果包括五个指标：核心通胀率、单位劳动力成本、“通胀分散”、通胀预期和谷歌搜索行为。
We rank each country on each indicator, then combine the rankings in order to form an overall score.
我们在每个指标上对每个国家进行排名，然后将排名组合在一起，形成总分。
The results are better than in November, when we last conducted the exercise.
结果比我们上一次在11月进行统计时要好。
They also reveal a linguistic divide.
这些结果还揭示了语言上的鸿沟。
Countries in the EU and Asia perform well; in the English-speaking world, inflation is taking longer to fade.
欧盟和亚洲国家表现良好，在英语世界，通货膨胀需要更长时间才能消退。
Australia tops the ranking.
澳大利亚位居榜首。
Britain and Canada are not far behind.
英国和加拿大紧随其后。
America is doing better, but even there inflation remains entrenched.
美国的情况正在好转，但即便如此，通货膨胀依然根深蒂固。
A few factors may explain the differences.
有几个因素可以解释这种差异。
One is fiscal stimulus during covid-19, which was 40% larger in the Anglosphere than elsewhere.
一个是新冠肺炎期间的财政刺激，英语国家的财政刺激规模比其他地方大了40%。
The boost to demand is still visible in “core” inflation data, which strips out items such as energy, and indicates underlying inflationary pressure.
对需求的提振在“核心”通胀数据中仍然可见，该数据剔除了能源等商品价格，表明根本的通胀压力。
British core inflation is close to 5%.
英国核心通胀率接近5%。
Our measure of “inflation dispersion” provides similar clues.
我们对“通胀分散”的衡量也得出了类似的线索。
This measures the share of consumer prices that are rising by more than 2% year on year.
这一指标衡量的是同比上涨超过2%的消费者价格所占份额。
Australia tops the rankings here.
澳大利亚在这方面位居第一。
By contrast, most Japanese prices are rising by less than 2%.
相比之下，大多数日本商品价格的涨幅都不到2%。
Immigration could also help explain the divide.
移民也可能有助于解释这种差异。
The rich world has experienced an immigration boom, with a large share of the new arrivals going to English-speaking countries.
富裕国家经历了移民热潮，很大一部分新移民流向了英语国家。
Last year Australia, Britain and Canada broke net-migration records.
去年，澳大利亚、英国和加拿大打破了净移民记录。
The large rise in population has supported demand.
人口的大幅增长支撑了需求。
In the past year the cost of renting a flat in the Anglosphere has risen by 8%, compared with 5% elsewhere.
在过去的一年里，在英语国家租一套公寓的成本上涨了8%，而在其他地方只上涨了5%。
The effects on labour markets are less clear.
通胀对劳动力市场的影响不那么明显。
America’s unit labour costs, which measure how much firms pay workers to produce a unit of output, are not rising.
美国的单位劳动力成本并没有上升，单位劳动力成本衡量企业为生产一个单位的产出而付给工人多少工资。
But Canada’s are growing strongly.
但加拿大的单位劳动力成本增长势头强劲。
History may also play a role in explaining the Anglosphere’s entrenched inflation.
历史也可能有助于解释英语国家根深蒂固的通货膨胀。
During the 2010s southern Europe and much of rich Asia saw few price rises.
在2010年代，南欧和大部分亚洲富裕地区的物价几乎没有上涨。
Inflation in the Anglosphere was firmer.
但英语国家的通胀更为顽固。
Owing to these different experiences, people’s current beliefs about future inflation may also differ.
由于这些不同的经历，人们目前对未来通胀的看法也可能不同。
Data coming out of America are worrying.
来自美国的数据令人担忧。
The public believes prices will rise by 5.3% over the next 12 months, more than in any other country in our ranking.
公众认为，未来12个月物价将上涨5.3%，超过排名中的任何其他国家。
Americans also often search on Google for inflation-related topics, suggesting that the cost of living is still on their minds.
美国人还经常在谷歌上搜索与通胀相关的话题，表明生活成本仍在让他们担心。
Across the Anglosphere the threat of continued high inflation—or even a second wave of price rises—has not gone away.
在所有英语国家里，持续高通胀--甚至出现第二波价格上涨--的威胁并未消失。
