The New Inflation

All over the U.S. last week, the prices of meat and many other products rose with a rush that was painfully like the burst of inflation in 1948. Booming industrial production sent metal markets soaring: copper jumped 2¢ a Ib. to 22½¢; nickel was up, and even magnesium, which hadn't shown a rise since 1943, moved up 1¢ a Ib.

With steel mills running at better than 100% capacity for the eighth consecutive week, the wildest commodity of all was steel scrap. Top-grade scrap climbed to $46 a ton last week, a 48%...

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!