INFLATION: Cosmetics for Consumers

FACED with a tidal surge of public worry about inflation, President Nixon last week moved to shore up the sagging voluntary price controls of Phase III. But he stopped far short of reimposing the tough controls of Phase II—let alone ordering the temporary wage-price freeze that more and more of his economic critics are demanding. His actions brought some cheer to Wall Street, where stock prices recovered somewhat from what had become a headlong rout, but elsewhere left as much doubt as ever that the rise in living costs can be checked.

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