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America is hardly alone in struggling with high prices.
美國并不是唯一一個在與高物價作斗爭的國家。
Inflation in the euro area is expected to have risen to 8.6% in June.
歐元區6月通脹率預計已經升至8.6%。
But the details are different.
但細節是不同的。
Europe’s problems are more closely linked to surging gas costs, both exacerbating the risk of an imminent recession and perhaps limiting the European Central Bank’s scope for rate increases.
歐洲的問題與飆升的天然氣價格聯系更為密切，這既加劇了經濟衰退迫在眉睫的風險，也可能限制了歐洲央行的加息空間。
That has hurt the euro, which has fallen by more than 10% since the start of the year, bringing it to parity with the dollar for the first time in two decades.
這對歐元造成了影響，自今年年初以來，歐元已下跌逾10%，20年來首次與美元平價。
The White House has tried to put as positive a gloss as possible on the figures.
白宮試圖盡可能正面地粉飾這些數據。
Before the data release, it drew attention to the recent decline in petrol prices.
在數據發布之前，它讓人們注意到最近汽油價格的下跌。
The national average is now about $4.63 per gallon, 5% lower than in June.
目前全國平均油價約為每加侖4.63美元，比6月份低了5%。
With the price of crude down by even more, that does probably set the stage for a lower inflation reading in July.
隨著原油價格進一步下跌，這可能確實為7月份通脹率走低奠定了基礎。
Moreover, President Joe Biden’s advisers have noted that an alternative gauge of inflation, the personal-consumption-expenditure (PCE) price index, which is usually seen as more reliable by the Fed, has been more muted.
此外，總統喬·拜登的顧問們指出，另一種衡量通脹的指標，即美聯儲通常認為更可靠的個人消費支出(PCE)價格指數更為模糊不清。
Neither argument is all that reassuring.
這兩種說法都不能讓人放心。
Energy prices have weakened over the past month, but with the war in Ukraine dragging on and winter looming, they may resume their upward climb before long.
過去一個月，能源價格有所下降，但隨著烏克蘭戰爭的拖延和冬季的臨近，能源價格可能很快就會恢復上升勢頭。
As for PCE inflation, it is indeed less extreme than CPI inflation, but it is still more than twice as high as the Fed’s 2% target, and rising prices for services such as health care may nudge it higher still.
至于PCE通脹，它確實沒有CPI通脹那么極端，但仍是美聯儲2%目標的兩倍多，而醫療保健等服務價格的上漲可能會進一步推高它。
The best news about inflation is that the Fed’s tightening is in fact gaining traction in the crucial realm of expectations.
有關通脹的最好消息是，美聯儲的緊縮政策實際上在關鍵的預期領域獲得了推動力。
The Fed cannot solve supply-chain snarls or reduce oil prices.
美聯儲既不能解決供應鏈混亂，也不能降低油價。
Where it can be uniquely effective is in tempering the outlook for prices.
它唯一有效的地方是在緩和價格前景方面。
A basic measure of market expectations for annual inflation over the next five years is now 2.5%, down by more than a percentage point since March.
衡量市場對未來五年年度通脹率預期的基本指標現在是2.5%，自3月份以來下降了一個多百分點。
In the middle of June a closely watched consumer survey by the University of Michigan put expected annual inflation at 3.3% for the next five years; by the end of the month it was down to 3.1%.
6月中旬，密歇根大學一項備受關注的消費者調查顯示，未來五年的預期年通脹率為3.3%；到月底時，這一數字降到了3.1%。
That is precisely what the Fed wants to see.
這正是美聯儲希望看到的。
Unfortunately, economists, firms and investors are also busily ratcheting down their expectations for economic growth—a consequence the Fed cannot avoid.
不幸的是，經濟學家、公司和投資者也在忙于降低他們對經濟增長的預期--這是美聯儲無法避免的后果。
