excess demand inflation

基本解释

This is because the increase in inflation has been mostly driven by food, as a result of supply shocks, rather than caused by excess aggregate demand.
因为，主要由食品价格驱动的通胀的上升是由于供应上的意外，而非更多的需求引起的。
However, excess demand is tiny compared with previous phases of overheating so the risk of soaring inflation causing a hard landing in the near future is remote.
尽管如此，与以前经济过热的幅度相比，需求过旺的影响很小，所以在近期由于高通胀引起的硬着陆的风险很低。
ouyangrihuiblog.blog.163.com
Inflation is only 1.4% and China has a widening current-account surplus, which implies excess supply rather than excess demand. Nor do asset price gains look particularly excessive.
通胀率仅为1.4%，经常账户盈余不断扩大，这意味着供给过剩而非需求过度。

Then, excess demand resulted in higher inflation, huge current-account deficits and rampant asset-price inflation.
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