消费者价格： 全民公敌(下)

在我们的排名中，最简单的分项是核心通胀率，这一指标可以更好地反映潜在的价格压力。

双语精读

The simplest component of our ranking is the rate of core inflation. This measure gives a better sense of underlying price pressure. Among our ten countries, America leads the pack (though core inflation is above average pretty much everywhere).

在我们的排名中，最简单的分项是核心通胀率，这一指标可以更好地反映潜在的价格压力。在这十个国家中，美国（的通胀水平）处于领先地位（虽然几乎所有国家的核心通胀率都高于平均水平）。

A second measure, of dispersion, helps capture how broadly based price pressures are. Headline inflation being driven by one or two items-say, the cost of a restaurant meal-is less worrisome than if the price of everything is going up quickly.

第二个衡量指标“离散程度”有助于了解价格压力的广泛性。由一两种商品（比如一家餐馆的餐费）所驱动的整体通胀远不如所有商品价格都快速上涨让人担忧。

We divide a country's consumer-goods basket into as many as 16 components, then calculate the share where the inflation rate exceeds 2%. In Japan just a quarter cross that threshold. But in Australia more than two-thirds do.

我们把一个国家的消费品篮子细分成了16种类别，然后计算通胀率超过2%的类别比例。在日本，只有四分之一的类别超过了2%。但在澳大利亚，超过三分之二的类别都超过了2%。

JPMorgan Chase, a bank, breaks down Britain's consumer-price index into 85 components, and finds that inflation rates for 69% of them are running above their 1997-2019 averages.

摩根大通银行将英国消费者价格指数分为85个分项，发现其中69%的通胀率高于1997-2019年的平均水平。

Inflation could also spiral if workers demand higher wages to compensate them for rising prices (and firms raise their prices in turn).

如果工人要求提高工资来抵消上涨的物价（公司也转而提高他们的产品价格），那么通货膨胀就可能会持续加剧。

Unit labour costs, which measure the relationship between what workers are paid and the value of what they produce, are rising far faster than their long-run average in many countries.

单位劳动力成本衡量的是工人的工资与其生产的产品价值之间的关系，在许多国家，单位劳动力成本的增长速度远远高于长期平均水平。

On May 5th America's statisticians revealed that these rose by 7% in the first quarter, compared with a year ago, up from a pre-pandemic average of around 2%.

5月5日，美国统计学家透露，与前一年相比，今年第一季度的单位劳动力成本增长了7%，比疫情之前的平均水平高出了大约2%。

Michael Saunders of the Bank of England has noted that with pay deals being struck at up to 5% a year, but productivity growth of only around 1%, Britain's unit-labour-cost growth is probably "well above the pace consistent with the inflation target of 2%".

英格兰银行的迈克尔·桑德斯指出，由于每年达成的薪资协议高达5%，但生产力增长只有1%左右，英国的单位劳动力成本增长可能“远高于与2%的通胀目标相一致的速度”。

Our last two measures assess households' expectations. The higher these remain, the more likely it is that inflation becomes embedded.

我们最后两个指标评估的是家庭对通胀的预期。这些数值越高，通胀就可能越顽固。

One proprietary data set, provided to The Economist by researchers at the Federal Reserve Bank of Cleveland, Morning Consult, a consultancy, and Raphael Schoenle of Brandeis University, is a rare reliable cross-country gauge of public inflation expectations.

来自克利夫兰联邦储备银行的研究人员、美国晨间咨询公司和布兰迪斯大学的拉斐尔·舍恩勒向《经济学人》提供了一组专有数据，这组数据是罕见的衡量公众通胀预期的可靠跨国指标。

In May 2021 a respondent in the median rich country thought inflation over the next 12 months would be 2.3%. Now they expect a rate of 4.5%; Canadians, an even higher 6%.

2021年5月，一份针对中等富裕国家的调查显示，人们认为未来12个月的通胀率将为2.3%。现在他们预计这一数据为4.5%；加拿大民众对于通胀率的预计更是高达6%。

A measure of Google searches also suggests the subject is weighing on people's minds. Britons now search more frequently for "inflation" than they do for Taylor Swift.

对谷歌搜索量的评估也表明，通货膨胀正困扰着人们。现在，英国人对“通货膨胀”的搜索量比“泰勒·斯威夫特”还要频繁。

词汇预习

• frequently [高考]

  美[ˈfriːkwəntli] | 英[ˈfriːkwəntli]

  adv. 频繁地；经常地

• capture [高考]

  美[ˈkæptʃər] | 英[ˈkæptʃə(r)]

  vt. 捕获；占领；夺取；吸引；(用照片等)留存 n. 捕获；战利品

• productivity [高考]

  美[ˌprɑːdʌkˈtɪvəti] | 英[ˌprɒdʌkˈtɪvəti]

  n. 生产率；生产力

• core [高考]

  美[kɔːr] | 英[kɔː(r)]

  n. 核心, 精髓, （水果的）果心, （物体的）中心部分 adj. 最重要的, 主要的, 基本的, 核心（信念、价值、原则等） v. 去掉（水果）的果心, 去（水果）的核儿

• respondent [高考]

  美[rɪˈspɑːndənt] | 英[rɪˈspɒndənt]

  n. 应答者；被告 adj. 回答的；应答的；感应的

• demand [高考]

  美[dɪˈmænd] | 英[dɪˈmɑːnd]

  n. 要求；需求 v. 要求；查问；需要

• data [高考]

  美[ˈdeɪtə] | 英[ˈdeɪtə]

  n. 数据；资料

• growth [高考]

  美[ɡroʊθ] | 英[ɡrəʊθ]

  n. 【U】增长；生长；发展；种植 n. 【C】生长物；【医】瘤;赘生物

• rate [高考]

  美[reɪt] | 英[reɪt]

  n. 比率；速度；价格；费用；等级 v. 认为；估价；定等级；值得；怒斥；责骂

• target [高考]

  美[ˈtɑːrɡɪt] | 英[ˈtɑːɡɪt]

  n. 目标；对象；靶 vt. 把 ... 作为目标；瞄准

• rare [高考]

  美[rer] | 英[reə(r)]

  adj. 罕见的；珍贵的；煎得嫩的

• reliable [高考]

  美[rɪˈlaɪəbl] | 英[rɪˈlaɪəbl]

  adj. 可靠的；可信的

• pace [高考]

  美[peɪs] | 英[peɪs]

  n. 速度；步伐；(一)步 v. 踱步；(用步)测；(马)溜蹄走 prep. 用在人名前(礼貌的表达不同意见)

• assess [高考]

  美[əˈses] | 英[əˈses]

  v. 评定；评估；估算

• component [高考]

  美[kəmˈpoʊnənt] | 英[kəmˈpəʊnənt]

  n. 零部件；元件；组成部分；成分 adj. 组成的；构成的

• labour [高考]

  美[ˈleɪbər] | 英[ˈleɪbə(r)]

  n. 劳动；劳工；分娩 v. 努力；干苦力活；困难吃力地行进；反复说明 n. (英国)工党

• compensate [高考]

  美[ˈkɑːmpenseɪt] | 英[ˈkɒmpenseɪt]

  v. 补偿；赔偿；付报酬

• consistent [高考]

  美[kənˈsɪstənt] | 英[kənˈsɪstənt]

  adj. 始终如一的；持续的；一致的

• in turn [高考]

  美[ɪn tɜːrn] | 英[ɪn tɜːn]

  依次；轮流；反之；反过来

• where [高考]

  美[wer] | 英[weə(r)]

  adv. 在哪里；在那个地方 conj. 在 ... 地方

• would [高考]

  美[wʊd , wəd] | 英[wʊd , wəd]

  aux. 将；可能；大概；总会；愿意；will的过去式

• index [四级]

  美[ˈɪndeks] | 英[ˈɪndeks]

  n. 指数；索引；(刻度盘上的)指针 v. 指出；编索引

• gauge [四级]

  美[ɡeɪdʒ] | 英[ɡeɪdʒ]

  n. 测量仪器；测量标准；（铁道的）轨距；（钢丝等的）直径；（枪管的）口径 v. 估计；判断；测量

• inflation [四级]

  美[ɪnˈfleɪʃn] | 英[ɪnˈfleɪʃn]

  n. 通货膨胀；膨胀

• cross-country [四级]

  美[ˌkrɔːs ˈkʌntri] | 英[ˌkrɒs ˈkʌntri]

  adj. 越野的；横过田野的 n. 越野运动

• broadly [四级]

  美[ˈbrɔːdli] | 英[ˈbrɔːdli]

  adv. 概括地；大体上；宽广地；广泛地；明白地；无礼貌地

• median [四级]

  美[ˈmidiən] | 英[ˈmi:diən]

  adj. 中央的；中间的；正中的 n. 中动脉；中位数；中值

• up to [四级]

  美[ʌp tu] | 英[ʌp tu]

  胜任；直到；多达；该由 ... 决定

• do for [四级]

  美[dʊ fɔːr] | 英[duː fɔː]

  毁坏； 使完蛋

• threshold [六级]

  美[ˈθreʃhoʊld] | 英[ˈθreʃhəʊld]

  n. 门槛；开端；界限；入口

• spiral [六级]

  美[ˈspaɪrəl] | 英[ˈspaɪrəl]

  n. 螺旋；螺旋形之物；不断恶化、增加或减少 v. 螺旋移动；盘旋上升；不断恶化、增加或减少 adj. 螺旋形的；盘旋的

• consistent with [六级]

  美[kənˈsɪstənt wɪð] | 英[kənˈsistənt wið]

  符合； 与 ... 一致

• underlying [专四]

  美[ˌʌndərˈlaɪɪŋ] | 英[ˌʌndəˈlaɪɪŋ]

  adj. 潜在的；隐含的；在下面的；基本的；[经]优先的

• provided [专四]

  美[prəˈvaɪdɪd] | 英[prəˈvaɪdɪd]

  conj. 假如；若是 adj. 预备好的；提供的

• worrisome [考研]

  美[ˈwɜrisəm] | 英[ˈwʌrisəm]

  adj. 令人忧虑的；令人烦恼的

• Federal [考研]

  美[ˈfedərəl] | 英[ˈfedərəl]

  adj. 联邦制的；联邦政府的；同盟的 n. 联邦主义者；同盟盟友

• noted [托福]

  美[ˈnoʊtɪd] | 英[ˈnəʊtɪd]

  adj. 著名的；有声望的

重点讲解

The simplest component of our ranking is the rate of core inflation. This measure gives a better sense of underlying price pressure. Among our ten countries, America leads the pack (though core inflation is above average pretty much everywhere).

在我们的排名中，最简单的分项是核心通胀率，这一指标可以更好地反映潜在的价格压力。在这十个国家中，美国（的通胀水平）处于领先地位（虽然几乎所有国家的核心通胀率都高于平均水平）。

lead the pack   领先，成为第一

【例】According to the BLS, surgeons lead the pack with a mean salary of $219,770 in 2009. 

根据劳动统计局的数据，2009年外科医生荣膺高薪职业榜首，平均年薪219770美元。

A second measure, of dispersion, helps capture how broadly based price pressures are. Headline inflation being driven by one or two items—say, the cost of a restaurant meal—is less worrisome than if the price of everything is going up quickly.

第二个衡量指标“离散程度”有助于了解价格压力的广泛性。由一两种商品（比如一家餐馆的餐费）所驱动的整体通胀远不如所有商品价格都快速上涨让人担忧。

cross the threshold   跨进门内，跨过门槛

【例】As we cross the threshold into the next century, human society is beginning its move from the industrial economy into the knowledge-based economy.

在当今跨世纪的年代，人类社会正开始从工业经济这第二阶段开始转入知识经济的第三阶段。

We divide a country's consumer-goods basket into as many as 16 components, then calculate the share where the inflation rate exceeds 2%. In Japan just a quarter cross that threshold. But in Australia more than two-thirds do.

我们把一个国家的消费品篮子细分成了16种类别，然后计算通胀率超过2%的类别比例。在日本，只有四分之一的类别超过了2%。但在澳大利亚，超过三分之二的类别都超过了2%。

cross the threshold   跨进门内，跨过门槛

【例】As we cross the threshold into the next century, human society is beginning its move from the industrial economy into the knowledge-based economy.

在当今跨世纪的年代，人类社会正开始从工业经济这第二阶段开始转入知识经济的第三阶段。

JPMorgan Chase, a bank, breaks down Britain’s consumer-price index into 85 components, and finds that inflation rates for 69% of them are running above their 1997-2019 averages.

摩根大通银行将英国消费者价格指数分为85个分项，发现其中69%的通胀率高于1997-2019年的平均水平。

spiral   n. & adj. & v.

1. 作名词

1）螺旋形

【例】The birds circled in a slow spiral above the house.

鸟儿在房子上空缓缓盘旋。

2）持续加剧的上升（或下降、恶化）

【例】the upward/downward spiral of sales 日渐上升／下降的销售额

2. 作形容词，螺旋形的，螺旋式的

【例】A snail's shell is spiral in form. 

蜗牛壳呈螺旋形。

3. 作动词

1）螺旋式上升（或下降）；盘旋上升（或下降）

【例】The plane spiralled down to the ground.

飞机盘旋降落。

2）急剧增长

【例】Production costs began to spiral.

生产成本开始加速上涨。

in turn

1. 依次，轮流

（英文释义：one after the other in an order that has been agreed or officially decided）

【例】So he began, telling Heidi the name of each goat in turn as he pointed it out to her.

因此，他开始告诉海蒂每只山羊的名字，并且一一指给海蒂看。

2. 反过来，转而

【例】Her mother taught her, and she in turn taught her own daughter.

她的母亲教她，她反过来教她自己的女儿。

Inflation could also spiral if workers demand higher wages to compensate them for rising prices (and firms raise their prices in turn).

如果工人要求提高工资来抵消上涨的物价（公司也转而提高他们的产品价格），那么通货膨胀就可能会持续加剧。

spiral   n. & adj. & v.

1. 作名词

1）螺旋形

【例】The birds circled in a slow spiral above the house.

鸟儿在房子上空缓缓盘旋。

2）持续加剧的上升（或下降、恶化）

【例】the upward/downward spiral of sales 日渐上升／下降的销售额

2. 作形容词，螺旋形的，螺旋式的

【例】A snail's shell is spiral in form. 

蜗牛壳呈螺旋形。

3. 作动词

1）螺旋式上升（或下降）；盘旋上升（或下降）

【例】The plane spiralled down to the ground.

飞机盘旋降落。

2）急剧增长

【例】Production costs began to spiral.

生产成本开始加速上涨。

in turn

1. 依次，轮流

（英文释义：one after the other in an order that has been agreed or officially decided）

【例】So he began, telling Heidi the name of each goat in turn as he pointed it out to her.

因此，他开始告诉海蒂每只山羊的名字，并且一一指给海蒂看。

2. 反过来，转而

【例】Her mother taught her, and she in turn taught her own daughter.

她的母亲教她，她反过来教她自己的女儿。

Unit**** labour**** costs,**** which measure the relationship**** between what**** workers are paid**** and the value of**** what**** they**** produce,**** are rising**** far faster**** than**** their long****-run average in**** many**** countries.****

单位劳动力成本衡量的是工人的工资与其生产的产品价值之间的关系，在许多国家，单位劳动力成本的增长速度远远高于长期平均水平。

On**** May 5th America's statisticians revealed**** that**** these rose**** by**** 7%**** in**** the first quarter,**** compared**** with**** a year**** ago,**** up**** from**** a pre-pandemic**** average of**** around**** 2%.

5月5日，美国统计学家透露，与前一年相比，今年第一季度的单位劳动力成本增长了7%，比疫情之前的平均水平高出了大约2%。

Michael Saunders**** of**** the Bank**** of**** England has noted that**** with**** pay deals being struck**** at**** up**** to**** 5%**** a year****,**** but productivity**** growth**** of**** only**** around**** 1%, Britain's unit****-labour****-cost**** growth**** is**** probably**** "well above the pace**** consistent**** with**** the inflation target**** of**** 2%".****

英格兰银行的迈克尔·桑德斯指出，由于每年达成的薪资协议高达5%，但生产力增长只有1%左右，英国的单位劳动力成本增长可能“远高于与2%的通胀目标相一致的速度”。

Our last two measures assess households' expectations. The higher these remain, the more likely it is that inflation becomes embedded.

我们最后两个指标评估的是家庭对通胀的预期。这些数值越高，通胀就可能越顽固。

embedded   adj.

1. 嵌入（或插入、埋入）……之中的

【例】One of the bullets passed through Andrea's chest before embedding itself in a wall.

其中一颗子弹穿过安德烈亚的胸膛然后嵌入一面墙中。

2. （感情、态度等）深切的

【例】I think that hatred of the other is deeply embedded in our society.

我觉得对异己的憎恨在我们的社会中根深蒂固。

One proprietary data set, provided to The Economist by researchers at the Federal Reserve Bank of Cleveland, Morning Consult, a consultancy, and Raphael Schoenle of Brandeis University, is a rare reliable cross-country gauge of public inflation expectations.

来自克利夫兰联邦储备银行的研究人员、美国晨间咨询公司和布兰迪斯大学的拉斐尔·舍恩勒向《经济学人》提供了一组专有数据，这组数据是罕见的衡量公众通胀预期的可靠跨国指标。

embedded   adj.

1. 嵌入（或插入、埋入）……之中的

【例】One of the bullets passed through Andrea's chest before embedding itself in a wall.

其中一颗子弹穿过安德烈亚的胸膛然后嵌入一面墙中。

2. （感情、态度等）深切的

【例】I think that hatred of the other is deeply embedded in our society.

我觉得对异己的憎恨在我们的社会中根深蒂固。

In May 2021 a respondent in the median rich country thought inflation over the next 12 months would be 2.3%. Now they expect a rate of 4.5%; Canadians, an even higher 6%.

2021年5月，一份针对中等富裕国家的调查显示，人们认为未来12个月的通胀率将为2.3%。现在他们预计这一数据为4.5%；加拿大民众对于通胀率的预计更是高达6%。

weigh on   加重…的思想负担；使焦虑不安；使担忧

（英文释义：to make sb anxious or worried）

【例】Something was weighing on her mind. 她心事重重。

【拓展】weigh sth (up)   认真考虑；权衡；斟酌

【例】I weighed the benefits of the plan against the risks involved.

我认真权衡了这个计划的优点和有关的风险。

weigh in   （在讨论、辩论等中）发表有分量的意见，发挥作用

【例】Finally the government weighed in with financial aid.

最后政府提供了财政支援。

A measure of Google searches also suggests the subject is weighing on people's minds. Britons now search more frequently for "inflation" than they do for Taylor Swift.

对谷歌搜索量的评估也表明，通货膨胀正困扰着人们。现在，英国人对“通货膨胀”的搜索量比“泰勒·斯威夫特”还要频繁。

weigh on   加重…的思想负担；使焦虑不安；使担忧

（英文释义：to make sb anxious or worried）

【例】Something was weighing on her mind. 她心事重重。

【拓展】weigh sth (up)   认真考虑；权衡；斟酌

【例】I weighed the benefits of the plan against the risks involved.

我认真权衡了这个计划的优点和有关的风险。

weigh in   （在讨论、辩论等中）发表有分量的意见，发挥作用

【例】Finally the government weighed in with financial aid.

最后政府提供了财政支援。

课后练习

• The measure of dispersion can be used to ____.

  A. reflect the severity of underlying inflation rates

  B. figure out how widespread the price rises are

  C. analyze the cause of price pressure of each item

  D. find out the solution to the increasing inflation

• According to the data of consumer prices, it is probably true that ____.

  A. the rate of core inflation is highest in America

  B. the consumer demand in Japan is relatively low

  C. Japan has a greater risk of inflation than Australia

  D. Britain’s inflation is worse than that of the past years

• How can labor costs influence inflation?

  A. Higher wages cancel out price pressure brought by inflation.

  B. Higher labor costs cause firms to raise prices of products.

  C. Higher wages improve living standard and strengthen economy.

  D. Higher labor costs increase product supply and ease inflation.

• The data of unit labor costs show that ____.

  A. America’s labor costs are rising faster than the average level

  B. the unemployment rate of Britain continues to decrease

  C. the labor costs of Britain are rising due to low productivity

  D. Britain’s productivity growth has failed to control inflation

• The attitude of people in Canada and Britain towards inflation is ____.

  A. pretty optimistic

  B. slightly anxious

  C. deeply concerned

  D. fairly vague