PHASE II: Holding Down Those Prices


FOR all the criticism, confusion and even chaos generated by Phase II controls, they nonetheless seem to be working. Last week President Nixon, who has no love for the controls, hinted that they might be dropped in 1972. He expressed hopes that the campaign to curb inflation "can be continued and completed in the coming year."

The nation was particularly cheered by last week's report that in November, the month in which Phase II got started, the Consumer Price Index rose at an annual rate of about 2.4%. That was roughly double the October rate but well below the 4.1%...

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