Prices: Still Betting on the Spiral

In spite of President Nixon's tireless warnings that businessmen who bet on persistent inflation are bound to lose, the bets are still being placed. Wholesale commodity prices continued to rise at an estimated 4.8% annual rate in November. The index will almost certainly move up again this month because higher prices for nickel and lead were posted last week.

The International Nickel Co., the world's largest producer, followed an expensive settlement of a 128-day strike at its Ontario mines by announcing a 24% price increase. The move is bound to have major effects in the U.S. Stainless-steel producers,...

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