The underlying assumption is that commercial real estate values will automatically increase as inflation rises because landlords will be able to increase rental rates.
He said this was largely down to a "deep and protracted squeeze" on many people's real incomes, as inflation outstrips pay rises and energy and food prices increase.
Others say it is too early to judge if rollercoaster house price inflation is dead, especially as annual price rises, although dropping by the month, remain above 10%.
Chinese workers seem willing to change jobs for a slight increase in pay in order to stay above inflation as the cost of living in coastal China rises.
Chancellor Gordon Brown has cautioned workers not to demand large pay rises, as a jump in wages heightens inflation fears.
BBC: News | The Economy | Chancellor warns against pay rises
However, John Longworth, director general of the British Chambers of Commerce, said he expected inflation to rise in the near term, as further rises in utility and food prices kicked in.
Southern Europeans meanwhile would see their currencies plummet outside the euro, leading to rises in inflation and their cost of living as painful as the austerity they are protesting against.
In the run-up to the G20 summit in Seoul, Lula's finance minister, Guido Mantega, told journalists that Ms Rousseff "wants to work with lower interest rates" - a move that puts her at odds with Mr Meirelles' avowed strategy of using rate rises as "the basic instrument" to control inflation.
Excessive rises in asset prices can be as dangerous as conventional inflation.
So that part of the bump up in inflation might not affect consumer confidence and growth as much as other price rises.
You monetize the debt to make 7% inflation, real debt shrinks, budgets head towards balance as the notional income rises and costs stay flatish.
Inflation is starting to boost pay rises among major car manufacturers to as high as 5pc, following years of wage freezes and cuts, new figures showed.
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Long bonds usually have higher coupons than short ones, as investors demand a premium for exposure to the risk of interest-rate rises and inflation.
And as is usually the case in Brazil, when the economy is firing on all four cylinders, inflation rises and with it goes interest rates.
In Italy and Spain, wage growth is picking up even as unemployment rises, because of contract clauses allowing workers to be compensated for higher-than-expected inflation.
Oddly, as both the tax increases and interest-rate rises were already known to the Bank when it prepared the Inflation Report, it underestimated July's headline and underlying inflation.
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