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Shocking new evidence arose last week that inflation has again become the nation's No. 1 economic worry. The consumer price index soared 1.2% in July, equal to a 15.4% compound annual rate. That was as bad as the worst month of inflationary 1974 and marked the second month in a row that the annual rate of price boosts has been in double figures. Food prices jumped a startling 1.7% in July, mainly because of hefty increases in meats, poultry and vegetables. Gasoline prices climbed even faster: 4.3%, or an average of 2.4? per gallon. The cost of fuel...
...worries the nation cannot shake is that the quickening economic recovery will be accompanied by-or perhaps cause-a rekindling of inflation. Last week that fear became considerably more chilling. The Labor Department reported that the Wholesale Price Index jumped at a startling compound annual rate of 15.4% in July, paced by higher farm and processed-food prices. Although the index bounces around erratically from month to month (it declined a shade in June), there is no reason to think that August figures will be much better. The latest report covers only part of the surge in grain prices that...
Although the consumer price index rose at an annual rate of 10% in June, no one really expects another round of double-digit inflation. But the figures do indicate more inflation than had been anticipated. One top Ford Administration economist, who had been estimating that prices would be rising at a 6% rate at year's end, now privately predicts 7%. Any prolonged new surge of inflation could threaten the recovery itself by making consumers turn cautious and reduce the spending that has been lifting the nation out of its slump...
...rate in both the third and fourth quarters. The biggest reason is a predicted tapering off of business inventory cutting. In addition, the statistics-except for those concerning inflation-have been good: unemployment fell from a peak of 9.2% in May to 8.4% in July, and the index of leading indicators in the second quarter registered the highest jump in 17 years. Auto sales and retail sales are generally improving...
Haruo's grueling day is not uncommon in Japan, where a child's chances for future success in politics, business or the professions depend heavily on the prestige of his gakureki-literally, his academic background. One index of the increasing pressure on young Japanese to pile up an impressive gakureki is the phenomenal rise of after-hours or weekend schools known as juku. Their main purpose: to help students cram for tough competitive entrance exams required to get into the most select high schools and the best colleges...