This is simply stunning. A quick parsing of the data released every ten days by the National Bureau Of Statistics of China indicates that the average price of food in 50 cities in the January 21-31 period has increased by 4.6% compared to the prior 10 day period (and 416% annualized)! Granted, this is a simple average calculation of the 29 food items tracked without any weighing, although a quick glance at the components confirms that tonights Chinese CPI will likely be a doozy.

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The National Bureau of Statistics regularly adjusts the composition of the CPI basket, conducting small tweaks every year and a major adjustment every five years. It is due for the five-year shift.

So all shall be well, and people will never be hungry on paper ever again.