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Economic growth is expected to slow, inflation is in double digits and oil production is falling.
While those moves could help slow inflation, they will also probably weaken growth by driving up borrowing costs in China.
Michael Moskow, president of the Federal Reserve Bank of Chicago, said further increases may be needed to slow inflation.
Until recently, much of the slowdown in the Chinese economy was deliberately engineered by the government to slow inflation.
This could slow inflation in car prices by offsetting part of the cost of new features like compact disc changers.
In response, the government capped domestic gas prices to slow inflation and keep the forint from weakening.
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The country has also relaxed import restrictions on 15 products as a way of slowing inflation.
Although euro-area growth is slowing, inflation is rising and the euro has weakened again.
China's growth slows, inflation remains and unemployment hits 3 million.
But slowing inflation has proved difficult, partly because inflation is tied to rising oil and commodity prices.
The euro rose on speculation that slowing inflation would allow the European Central Bank to lower interest rates in coming weeks.
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