Prices: Up, Up, Up

It is now an established fact that inflation is spreading across the U.S. economy at the fastest rate in years. Since January, the prices consumers pay for goods and services have shot up at a 3½-a-year pace. Last week the Labor Department reported that consumer prices rose .4% in July—the sixth monthly gain in a row. This lifted the nation's consumer price index to a record 113.3, or 13.3% above the base average of the years 1957-59. On top of that, wholesale prices—which normally foreshadow the future course of consumer prices—gained .7% in July after four months of...

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