但是通常我们会认为贫困国的物价相对发达国家便宜，因为当地劳工成本比较低。

But you would expect average prices to be cheaper in poor countries than in rich ones because Labour costs are lower.

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而劳动力是可流动的，于是生产率增长较慢的非贸易部门的工资也随之升高了，从而物价就会以比发达国家更快的速度增长。

Since Labour is mobile, this in turn leads to higher wages in the non-tradable sector, where productivity growth is slower, so prices rise faster than in rich countries.

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可是，如果按这标准来衡量的话，低收入国家的货币值恐怕都偏低，因为总体上这些国家的物价就低于发达国家(见右上图)。

But by this gauge, the currencies of virtually all low-income countries are undervalued, since prices are generally lower in these countries than in rich ones (see right-hand chart, above).

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物价攀升抑制了发达国家的消费者市场。

Higher commodity prices have been weighing down consumers in the developed world.

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物价攀升抑制了发达国家的消费者市场。

Higher commodity prices have been weighing down consumers in the developed world.

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