Currently, the second-hand housing in Yongtieyuan community, China's agricultural production is affected by disasters, and the prices of international bulk commodities are rising due to the accelerated depreciation of the US dollar. The inflation pressure will remain at a high level. Given the further decline in export growth, it is unlikely that the government will adopt a one-time appreciation measure. Therefore, for the second-hand housing in Xiaoyueyuan No.1 community, the inflation pressure cannot be dealt with by a single policy. Instead, a combination of tight monetary policy and loose fiscal policy will continue. Administrative price limits will also continue. Subsidies for agricultural production and subsidies for low-income urban residents will increase, and the RMB will appreciate faster. Given the current high inflation pressure and the large amount of central bank bills and government bonds maturing in March, the central bank may raise interest rates and the statutory deposit reserve ratio this month. The inflation pressure will continue for a period of time. A single tool cannot be effective, and the government will continue to use a combination of policies: Can the government quickly suppress the rise in prices? This depends on which factors driving the rise in prices are controllable by the government. The current inflationary pressure mainly comes from four aspects: First, short-term snow disaster factors. The snow disaster not only caused transportation disruptions and shortages but also had a significant impact on agricultural production, which may increase the food inflation pressure this year because the rise in China's agricultural product prices has always been caused by supply shocks, and demand growth has always been very stable. However, supply fluctuates significantly, and once there is a reduction in production, it will cause price increases. Second, the factor of the US dollar depreciation pushing up the prices of international bulk commodities: This round of inflation since 2007 has global characteristics, fundamentally because the US dollar depreciation inputs inflation globally. This round of inflation in bulk commodities and agricultural products began completely synchronized with the US dollar depreciation. In the past five years, the nominal effective exchange rate of the US dollar has depreciated by 35%, while during the same period, the CRB price index reflecting international bulk commodity prices rose by 100% (including energy) and 118% (excluding energy), and the S&P GSCI Agricultural Index reflecting global agricultural/food prices rose by 152%. The inflation pressure brought by the US dollar depreciation is most obvious in emerging markets, including all major developing countries such as China, where recent inflation pressures have been continuously rising. This is because the Engel coefficient of emerging markets and developing countries is relatively high (a large part of consumption expenditure is food), and the weight of food in their CPI is relatively high. Moreover, emerging markets generally have significant construction investment needs. Therefore, the inflationary pressure brought by agricultural product inflation and the rise in international raw material prices is significantly greater for emerging markets than for developed countries. Before the US dollar rebounds, this imported inflationary pressure will not disappear. Third, cost-push inflationary pressure brought about by the rise in factor prices such as labor, land, and resources in China itself. Fourth, the lack of flexibility in the RMB exchange rate has become the greatest constraint on monetary policy, causing continuous monetary expansion and liquidity surplus for many years. Among the above four factors, the government can only control the exchange rate and factor prices but cannot control the impact of snow disasters on agricultural production or the imported inflationary pressure brought about by the US dollar depreciation. Therefore, the inflationary pressure will remain high for a period of time. Currently, China's agricultural production is affected by disasters, and the prices of international bulk commodities are rising due to the accelerated depreciation of the US dollar. The inflationary pressure will remain high. Given the further decline in export growth, it is unlikely that the government will adopt a one-time appreciation measure. Therefore, dealing with inflationary pressure cannot rely on a single policy but will continue to adopt a combination of tight monetary policy and loose fiscal policy. Administrative price caps will continue, and subsidies for agricultural production and subsidies for low-income urban residents will increase. The RMB will also appreciate faster. Given the current high inflationary pressure and the large amount of central bank bills and government bonds maturing in March, the central bank may raise interest rates and the statutory deposit reserve ratio this month.