The Economy: Inflation Watch

The insatiable demand for goods and services that is the primary spur to galloping inflation has one beneficial effect: it is putting. more people to work. In June, the unemployment rate dropped from 5% to 4.8%, lowest in three years. Unfortunately, that progress was bought at a harrowing price. In early June, just before the freeze, the Wholesale Price Index climbed at an annual rate of 27.6%. The steep climb underscored the need for the freeze, which, with one major exception, has brought the increases to a screeching halt.

That exception is in the food industry, which continues to be hit...

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