The Economy: Boggle Point

Though it hardly came as news to the housewife, the Labor Department last week reported another sharp increase in food prices. Leading the rise were beef, veal and poultry, which, with fish, jumped 17.4% in cost during the twelve-month period ending March 31. Pushed on by these three main-course staples, overall food prices leaped .7% in one month, hiking the consumer price index .4% to an all-time high of 112% (based on the 1957-1959 average).

Government economists nonetheless see a glimmer of hope for the months ahead. The wholesale price index, which usually leads the consumer index, has remained steady...