INFLATION: A Turn for the Worse

Shocking new evidence arose last week that inflation has again become the nation's No. 1 economic worry. The consumer price index soared 1.2% in July, equal to a 15.4% compound annual rate. That was as bad as the worst month of inflationary 1974 and marked the second month in a row that the annual rate of price boosts has been in double figures. Food prices jumped a startling 1.7% in July, mainly because of hefty increases in meats, poultry and vegetables. Gasoline prices climbed even faster: 4.3%, or an average of 2.4¢ per gallon. The cost of fuel oil,...

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