Business: Disturbed

Marshall jawbones Meany

Big deal: inflation may turn out to be no worse than expected this year. That about sums up the import of the news last week of a slowdown in wholesale-price increases in July. The month's annual rate of 6.2% was about a third less than the rises in May and June, and the smallest jump in four months.

But there was less to the good news than met the eye. Food prices, which rocketed during the winter and spring, dipped 0.3% at wholesale in July, promising some relief at the supermarket checkout...

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