The Chinese have been keeping their currency very closely aligned with ours, letting it slip just enough for them to claim that they have let it float. This means that they are also paying higher prices for imported oil and raw materials.
The Chinese oil companies are importing Iranian oil at the current high prices, but the CCP is restricting the oil companies from raising prices. The oil companies are producing just enough gas and diesel to keep from being shut down, they are losing money on every gallon they sell. City bus drivers and truck drivers are constantly looking for diesel for sale. Deliveries are late constantly.
This last winter there was a major kerosene shortage, so people had trouble keeping their apartments warm. The price of pork has doubled, in part because of disease and in part because of farmers not being able to afford higher grain prices. The official inflation rate is 3 - 4 %, the real inflation rate is much higher.
Chinese workers are demanding pay raises to keep up with inflation. Strikes for higher pay are happening. The CCP is trying to keep these strikes out of the news, but the foreign press is reporting them.
What all of this means is that price of imported goods is probably going to go up 10 - 20 % this year. By Christmas Walmart will be raising prices left and right, I wonder how they will advertise that.
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Today's Featured Article - Madison's County - by Anthony West. Philip Madison has been a good friend of mine for quite some time. He has patiently suffered my incessant chit chat on the subject of tractors for longer than I care to remember, and on many occasions he has put himself out, dropped what ever it was he was doing, to come and lend a hand cranking handles, or loading a find onto a trailer. Although he himself has never actually owned or restored a tractor, he was always enthusiastic and always around helping with other peoples projects.
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