INFLATION: Rising Clamor for Tougher Price Controls

A NEW Majority formed in the U.S. last week, and it was hardly silent.

Its platform: bring down food prices. From one end of the country to the other, consumers joined a boycott against meat, and both retailers and middlemen began to take a roasting. Some packing houses shut down, 20,000 meat-industry workers were laid off, and beef, pork and lamb sales dropped by as much as 50% in supermarkets.

The New Majority was further aroused by the announcement that overall wholesale prices had jumped in March by 2.2%, which would be 26.4% on an annual basis—the biggest increase since the...

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