At most U.S. grocery stores last week, 97¢ would buy what $1 bought a month ago. Nobody was certain, but most Americans were hoping that this slight dip in food prices might be the start of the downhill slide from inflation. Last week they got a jolt.

The country's biggest steelmakers decided to jack up some of their prices again. Cried the Wall Street Journal: "It would appear that the steel managers had concluded that the country was still riding the inflation wave and that they had better ride with it while it lasts."

Steel, the bellwether of U.S. industry (and...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!