PRICES: Flood Tide

Prices surged against their controls last week with the force of an angry sea. The miracle was that the dikes checking the flood of inflation held as firm as they did. In some places the controls had already cracked, and prices spilled through.

Commodities. The Bureau of Labor Statistics index of commodity prices crept up another fraction of a point, reached 104.9% of the 1926 average—a new wartime highwater mark. As usual, higher prices for foodstuffs contributed most to the rise.

There were plenty of signs that food prices would continue to rise above...

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