Chinese leaders have been alarmed by a spike in inflation that saw the price of eggs rise 37.1 percent in May from their price in the same month last year. Meat and poultry were 26.5 percent more expensive in May compared to a year ago.It is unclear what the effect could be. Minimum wages tend to be rather low anyway and compliance is another problem. The figures for the inflation seem pretty high, compared to what I have seen in Shanghai. Just like the minimum wages, figures for inflation might vary greatly between regions.
The increase "would have a great impact on low-income families," the Xinhua News Agency said.
Weblog with daily updates of the news on a frugal, fair and beautiful China, from the perspective of internet entrepreneur, new media advisor and president of the China Speakers Bureau Fons Tuinstra
Friday, June 29, 2007
Inflation triggers off alarm
Rising food prices have triggered off alarms and according to the official news agency Xinhua and local authorities have till Thurday to provide news for an increase of the minumum wages. In an AP dispatch:
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