Jun 12, 2008

Global Inflation Growing Concern

Today's Wall Street Journal leads on the growing inflationary problems around the world. It used to be that imports from China were helping control inflation. Not anymore.

Inflation worries are heating up around the world and jolting financial markets in the process.
On Tuesday, China's stock market was the latest to feel the blow, with the benchmark Shanghai Composite Index tumbling by 7.7%, to its lowest close this year. The drop came after the government announced steps to remove cash from the financial system in an attempt to tamp down inflation.
Also Tuesday, officials in Vietnam effectively devalued their currency in a step aimed at easing market pressures related to soaring inflation rates.