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...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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