Business: Inflation Watch

The first full week of the Administration's temporary price freeze brought an atmosphere of urgency to the assault on inflation. In a sudden show of toughness, the Cost of Living Council ordered three companies—Peavey (farm supplies), Stokely-Van Camp (processed food) and International Utilities (gas and electricity)—to roll back prices raised in violation of regulations during Phase II. The council plans soon to order additional rollbacks of price increases posted during this year's first quarter in at least seven industries.

Other reports last week:

PRICES: The Consumer Price Index for May rose at a sharp 7.2% annual rate, equaling April's increase. Inflation is "much...

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