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...needed. The Government reported last week that wholesale prices in March rose at an annual rate of 7.4%-seemingly encouraging, since the February rate had been a staggering 14%. But the increase for the whole first quarter ran at an annual rate of 9.6%, within reach of the double-digit range that separates merely unacceptable from runaway inflation. G. William Miller, the new chairman of the Federal Re serve Board, projects that inflation for the year is likely to average 6.5% to 7%. a higher forecast than the Administration's official prediction, but one that seems more likely...
...Bosworth inflation alert landing on the President's desk. His memos have attacked the nation's doctors for raising their fees 50% more than the increase in the cost of living last year. He has accused farmers of asking for crop subsidies that might create double-digit food inflation next year. He has criticized Congress-and indirectly even the White House-for appearing to cave in to the farmers' demands. Bosworth has also become an effective jaw-boner. Two weeks ago. he masterminded the Administration's successful effort to prevent the nation's steelmakers from...
...urge President Carter to take some form of action. The basic, underlying rate of inflation has been stuck since mid-1975 at 6%, already an unacceptable figure. A 15-page memo circulating within the Administration warns that the base rate is about to accelerate. Can double-digit inflation be far behind...
There are other tests. Foreign nations once looked to the U.S. as the example of a powerful economy that could grow without serious inflation, a feat attained by few countries. The fact that double-digit inflation could hit the U.S. too, as it did in 1974-75, came as a shock abroad as well as at home. Now overseas observers see the U.S. bragging that its economy is growing at one of the fastest rates in the industrial world, yet whining fearfully that inflation is likely to result. The spectacle is compounded by the nation's refusal either...
...speeding up still more rapidly than had been supposed. Even the old CPI showed prices rising in January at an annual rate of 8.7%, about double the pace in November and December. But according to both of the new indexes, the rate was 10%, which reaches the dreaded double-digit range. The increase was exaggerated by ice and snow that snarled rails and roads in January, leading to shortages that jacked up food prices. But wholesale prices have been rising rapidly enough in the past few months to threaten more jarring consumer-price jumps. Julius Shiskin, the savvy Labor Department...