Word: cropped
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...major reason for the price decline was that speculative fever began to cool as optimistic crop reports began rolling in. Rumors that the Arabs were about to lift their oil embargo against the U.S. also eased fears of uncontrollable inflation. The present prices, however, are still far higher than a year ago, and few experts are predicting any further substantial drop until the dimensions of this year's harvest are clearer, both in the U.S. and abroad. Rising costs of farm labor, fertilizer and machinery will also work against a further price drop...
...this is 1974. And this year's crop of speedballs has produced, thus far, no outstanding pretenders to Secretariat's throne. As a matter of fact, the three-year-old picture is a toss...
Some causes of the present inflation are readily identifiable and seem less than permanent. Much of the global surge in food prices over the past two years has been the result of plain bad luck. A series of disastrous crop failures in 1972, caused by phenomenally foul weather round the world, aggravated shortages of wheat, corn, soybeans and other animal feeds. Bumper crops now in prospect in the U.S., the Soviet Union and Australia should at least slow the blistering rise in food prices after midyear...
...that inflation later this year will abate somewhat?maybe. In the U.S., for example, the Nixon Administration is predicting that inflation will slow to 5% to 6% by year's end, with the best of breaks: a letup in consumer demand caused by a business slowdown, a record crop this fall and an easing in petroleum prices. Even that less than comforting scenario, and similar ones projected in other nations, could go awry if labor unions force fat settlements. In the U.S., AFL-CIO President George Meany and other leaders are talking up a drive for wage and benefit boosts...
...world's strongest economies simultaneously get into such a mess, and what can they do to dig themselves out? The antidotes to inflation have proved peculiarly elusive because the causes are deep and pervasive?and often unrecognized. Crop failures, bloated Arab oil prices and bumbling government strategies are only contributing causes; most likely there would have been serious, if not double-digit inflation without them. Indeed, Chiaki Nishiyama, one of Japan's leading economists, asserts that "inflation is an integral part of economic growth." Though his statement implies a hopelessness that cannot be accepted, he has a point. Inflation...