Business: Puffs of Inflation

All along the price front last week inflationary puffs sent prices soaring. Crude oil rose 35¢ a barrel in Texas to a record $3.25, the first price hike in more than three years. Next day gasoline followed, with a 1¢ per gallon increase at the pump. As a result of a $40 million wage increase that went into effect Jan. 1 as part of last summer's steel contract, and the Government's refusal to approve fast tax write-offs for expansion, the steel industry posted price increases ranging from 1% on hot rolled strip to 5% on plate. In the textile industry, synthetic...

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