A climate deal only the first world can afford

<p>Kia ora,</p><p>Welcome to Monday’s Economy Watch where we follow the economic events and trends that affect Aotearoa/New Zealand.</p><p>I'm David Chaston and this is the International edition from Interest.co.nz.</p><p>Today we lead with news changes are coming as a result of both action and inaction at the COP26. They will all be inflationary, especially for food. Only the well-off will be able to tolerate these changes.</p><p>But first in China, this year’s “Double 11” online shopping event saw sales grow at a slower pace amid regulatory tightening, and as China’s overall consumption slows down. But it still hit <a href="https://www.yuantalks.com/double-11-sales-grew-at-slower-pace-this-year-after-e-commerce-platforms-toned-down-marketing-hype/" target="_blank"><strong>a new record high</strong></a> of NZ$70 bln on the day (11/11/21), up +8.5% from last year. Almost 1.2 bln packages were sold at an average price of NZ$60. (However most platforms had much larger sales than this because they ran this promotion starting on November 1 through November 11. Over this longer period the two largest platforms sold NZ$200 bln of product. Apple alone sold about $2.5 bln in this 11/11 promotion. Fresh food including dairy products were reported as selling well too.)</p><p>However, <a href="http://www.cncma.org/" target="_blank"><strong>excavator sales in China</strong></a> plunged -30% in October from the same period last year, their biggest monthly drop this year, as real estate curbs, tighter liquidity, less infrastructure projects and the hike in raw material costs hampered demand. But exports were on the rise as overseas economies make a comeback.</p><p>Indian <a href="http://mospi.nic.in/sites/default/files/press_release/CPI_PR_12nov21.pdf" target="_blank"><strong>consumer inflation</strong></a> rose to 4.5% in October (+5.0% in cities), a small rise from the prior month. This was higher than anticipated.</p><p>Indian <a href="http://mospi.nic.in/sites/default/files/press_release/iipsep21.pdf" target="_blank"><stro