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...other hand, oil imports in this year's first half declined to 7.8 million bbl. a day-almost a 13% drop from the same period in 1977 -because conservation is working, and oil is arriving from Alaska. Carter also promised to counter the nation's double-digit inflation...
...Eager though he is to promote a steady 4% growth, Miller vows that he will not pour out enough money "to validate the present inflation"?that is, to make credit available to anyone for whatever purpose. If he does, he says, "you will have runaway inflation and double-digit interest rates." If he holds the growth of money supply within his target range of 4% to 6½%, Miller thinks, growth will continue while inflation will run out of monetary fuel. But there is always a chance that growth will suffer instead...
Nothing deterred him. Three times Jarvis tried and failed to get property taxes rolled back. Suddenly, in the past year, soaring property taxes, ever-rising state and federal taxes and the prospect of double-digit inflation combined to wed Jarvis' obsession to the public's anger. The old gadfly has become a kind of California folk hero, an unlikely St. George to voters who hope that he can deliver them from the tax dragon...
Just as everyone had feared, last week's inflation figures were a stunner, and the most appalling thing about them was the high cost of eating. Not only does April's .9% rise in consumer prices mean that the economy is once again in double-digit inflation?11.4% on an annual basis ?but food prices are climbing more than twice as fast, 23.8%. The rise is turning the nation's supermarket shoppers into an army of walking wounded and making grossly naive the Administration's January prediction that food prices would go up by only 4% to 6% this...
Last winter's foul weather is certainly part of the reason for the double-digit helping of food inflation...