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...Double Digits. Economists nearly unanimously assume that the inflation rate will continue to simmer down gradually this year?or they did until Ford announced his program. Now they are not so sure. Eckstein predicts that the energy package would make 1975 a second straight year of double-digit inflation, meaning that prices would rise 10% or more. Many of the businessmen and bankers who normally constitute the backbone of a Republican President's support are also seriously worried. "The biggest fear to me is inflation, not recession," says William H. Spoor, chairman of Pillsbury Co. Richard H. Vaughan, president...
...main criticism comes from the liberal economists, who worry that Ford's economic program is not expansive enough to counter the recession. They contend that boosting tariffs and taxes on crude oil would not only hinder a business recovery but also keep prices rising at double-digit rates. Says Board Member Otto Eckstein: "The goals of the two packages are quite different and to an extent contradictory...
Mayer said he recognizes that the current two-digit inflation rate in the U.S. presented a real handicap to moves to extend U.S. assistance abroad...
Pilot Systems. The heart of the operation is a product-coding system under which each of thousands of commonly sold items is identified by a ten-digit number-33900-10020 for an 8-oz. package of Jones hickory-smoked bacon, for example. Postage-stamp-sized rectangles printed on boxes or labels by the packager carry both the product's code number and a set of light and heavy lines that allow an optical scanner set in the newfangled check-out counters to identify each item. The scanner feeds the data to a computer programmed with the store...
PRICES: The annual rate of inflation will finally drop out of the double-digit range in the first half of next year, then continue drifting downward to 7% or 6% by year's end. This assumes that crops are good and that producers of copper, bauxite, sugar, coffee and other raw materials do not emulate the oil exporters in successfully forming and maintaining price-raising cartels. By all normal standards, though, 1975 will still be an inflationary year; prices for the full year are likely to average 9% or so above those for all of 1974. Reason: they rose...