当实际产出低于潜在产出水平，对稀缺的销售量和工作的竞争就会对通货膨胀产生向下的压力。

When actual output falls short, competition for scarce sales and jobs puts downward pressure on inflation.

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不过，资源利用水平处于高位将对通货膨胀构成潜在的压力。

However, the high level of resource utilization has the potential to sustain inflation pressures.

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核心通货膨胀有所提高。随着时间的推移，通货膨胀压力看来正趋于缓和，不过，资源利用水平处于高位将对通货膨胀构成潜在的压力。

Core inflation remains somewhat elevated. Although inflation pressures seem likely to moderate over time, the high level of resource utilization has the potential to sustain those pressures.

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