By one measure, at least, double-digit inflation is back. As Jimmy Carter and his economic aides were busily polishing the much trumpeted anti-inflation program he plans to announce this week, the Labor Department reported that the Wholesale Price Index rose 1.1% in March, the biggest jump since the bleak old days of October 1975. That translated into an annual rate of 14%, and was the second straight month of double-digit rise. Just this sort of news, and fear of more, has sent the stock market tumbling 8.5% so far this year. It...
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