THE ECONOMY: Higher Cost of Living

After holding remarkably steady for nearly three years, the U.S. cost of living is once again at a record level. The Bureau of Labor Statistics reported last week that its Consumer Price Index (1947-49 = 100) jumped sharply (.4%) between April and May to match the alltime high of 115.4 set in October 1953. Main reason: a substantial increase in the cost of food, largely because of the upswing in beef, pork and potato prices. Main result: a 1¢-an-hour wage increase for more than 100,000 workers whose pay is geared to the index....

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