While the world’s teeth are noticeably grinding over the current economic downturn, it is not all gloom and doom for us small citizens. The daily ray of sunshine comes in one word: deflation - especially deflation of food prices in restaurants.
To be precise, it is not really deflation, what is happening, but rather the long waited for market correction.
For quite some time restaurant prices in Guilin have been higher than comparable "establishments" in other cities. Now this "tourist-city surcharge" is slowly but surely crumbling. One example from the little restaurant around the corner:
September 2008: 1 portion of Sauna Beef = RMB 35
February 2009: 1 portion of Sauna Beef = RMB 25 and extra 20% discount on the rest of the order.
While this is good news for the average food seeker, let’s hope that the market correction does not make too many restaurants go the way of the dodo.
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