Media Global: High inflation in Asia may hinder the region’s anti-poverty gains

By Shipra Prakash 29 June 2008 [MEDIAGLOBAL]: High inflation in Asia may impede the progress the region has made over the last 20 years and limit gains against poverty, according to the Asian Development Bank (ADB). Two thirds of the world’s poor live in Asia. With soaring inflation, it is they who are paying the highest price. In China, wages cannot keep up with the pace of inflation, and as a consequence living standards have fallen. The China Labor Bulletin (CLB), an organization that works to solve labor disputes, strikes, and protests, reports that due to increased inflation, Shenzen authorities in July will raise the minimum monthly wage. In Central Shenzhen, the minimum wage will increase by 17.6 percent, from 850 Yuan to 1,000 Yuan, about $145. The minimum wage in suburban areas of the Special Economic Zone will... [read full story]