THE ECONOMY: Onward & Upward

After edging up all spring, the U.S. cost of living has reached a record high and is expected to go higher. In June, the Bureau of Labor Statistics reported last week, the Consumer Price Index (1947-49 = 100) took its biggest monthly spurt in nearly five years—0.7% over the previous high of 115.4 reached in May (and equaled once before in October 1953)-Chief reason for the spurt: a sharp (2%) rise in food costs, partly seasonal. Said BLS Commissioner Ewan Clague, who saw no signs of inflation in the jump: the index "will probably creep up a little more,"...

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