In the developed world, however, higher commodity prices may act as a deflationary force, a tax that reduces the spending power of consumers.

但是，在发达国家，高昂的商品价格或许会引发通货紧缩，类似于一种赋税——它削弱了消费者的购买力。

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The risk in America now is that slower nominal growth will force firms and individuals to improve their balance sheets by spending less or by selling assets, exacerbating deflationary pressures.

ECONOMIST: Economics focus: Sinking like a soufflé | The