Like the valve of a pressure cooker, Phase IV is supposed to slowly vent the explosive forces that are pushing up prices until waning demand can damp down the inflationary fire. Last week some welcome signs that the plan may work appeared. In Washington, D.C., the Cost of Living Council held unusual public hearings on price boosts requested by auto-and steelmakers, in an apparent effort to publicize its determination to allow only those increases justified by higher costs. Meanwhile, round the country, some of the heat indeed went out of the demand. Consumer resistance forced down some food prices...
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