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Corporate giving, which accounts for 4.3percentt of total contributions, plummeted 14.5percentt when adjusted for inflation, reflecting the 18percentt average drop in corporate profits.
And despite the stimulus's help raising incomes in May, wages still lagged behind inflation, reflecting the weak labour market and rocketing prices for commodities, especially oil.
Salaries in professional rugby are going up well beyond the rate of inflation, reflecting the income growth in the major unions, but even its best-paid player, Carter, is a relative pauper compared to footballers of his status.
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At present, RPIX inflation reflects rapidly rising housing costs that are not included in HICP.
To be sure, part of the collapse in inflation reflects recession-induced price cutting, which is normal.
Mr. Wen's emphasis on inflation reflects public anxiety over rising domestic prices for food and other items.
And if rising inflation reflects not only soaring commodity prices, but also a strengthening economy, demand for corporate bonds may hold up even if inflation fears persist.
Even in America, where inflation has been at historic lows, it jumped to 1.5% at the end of last year.Much of the surge in inflation reflects dearer commodities.
The emphasis on inflation reflected in part the views of Mr. Fisher, and one or two others on the Fed's policy making open market committee.
Still, how can you tell if sticky inflation reflects sticky wages, as opposed to being the result of an economy that really doesn't have very much slack?
The Bank says that a lot of recent inflation reflects temporary shocks: As regular readers might guess, I very much agree.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com