Role reversal

A worrying statistic trotted on to the troubled global canvas on Monday. China’s annual inflation rate rose to 5.6% in July, way ahead of the government’s 3% target. Some economists blame a lack of pigs. But they are oinking at the wrong trough. Inflation is likely to stay high in China, and to become a dangerous export. The pig problem is real enough. Blue ear disease is driving up pork prices, contributing to a 15% inflation rate for food. But the focus on porcine matters misses the monetary ...