Business: Prices: Still Flying High

And meanwhile, the Carter program to deal with them is in disarray

Last week was one for the record books—literally. From the statisticians at the Labor Department came official confirmation that over the past six months the U.S. has experienced the steepest spiral of inflation it has had in nearly 30 years. Not since the Korean War price explosion of 1950-51 has double-digit inflation gripped the economy so relentlessly for a full half year. But no sooner had Jimmy Carter named his new economic team of Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker than the grim news...

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