US, other Western countries ‘ foment’ global high inflation: experts

High global inflation has been fomented by the US and other Western countries, while China’s low price level serves as a stabilizer, Chinese experts said at a symposium held by the National Development and Reform Commission ( NDRC).

Since 2021, global inflation has evidently been on the rise, bidding farewell to a morethan- a- decade low inflation era. International inflation has rapidly gone up, in particular, since this year, with the US and Europe posting consecutive new highs for many years or all- time highs, according to the NDRC’s WeChat official account on Sunday.

The US consumer price index ( CPI) soared 8.5 percent year- on- year in March, while its producer price index ( PPI) skyrocketed 11.2 percent, both scaling new highs. The eurozone, for its part, recorded a 7.5 percent year- on- year growth in CPI, while its PPI saw a 31.4 percent surge, both refreshing historic highs.

By comparison, China’s consumer inflation stood at 1.5 percent last month from the year before, while its producer inflation stood at 8.3 percent, official data showed.

Experts reckoned that this round of high inflation globally can be attributed to the US and other Western economies that have misgoverned internally while sowing discord and bullying externally, having inflicted huge damage on the global economy, per the readout.

For one thing, since the COVID- 19 outbreak, major developed economies led by the US have printed too much money and implemented an ultra loose monetary policy, pushing up global commodity prices, experts noted.

China’s price level has been kept at an overall reasonable range, owing to its relatively appropriate response to the epidemic, social and production stability, and well- handled macroeconomic policymaking.