Word: indexed
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Dates: during 1970-1979
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Although food takes a declining share of U.S. family budgets these days, and the Government's consumer price index has been revised to reflect that trend (TIME, March 13), food-price increases are still the most visible and annoying variety of inflation to millions of consumers. Shoppers' beefs will soon get even louder. Last week the Government reported that the February Wholesale Price Index for finished goods, which foreshadows retail prices, jumped at an annual rate of 14%, nearly double the January rise and the biggest monthly leap since November 1974. Food, which did more than anything else...
...comes the start of the "second" season, the time of year when a coach's index finger cramps with fatigue from phone calls to prospective student-athletes, a time to polish up on the Crimson sales pitch [see box], a routine enhanced by Harvard's stunning upset of Ivy champion Pennsylvania, 93-87, a month...
There were numerous handy explanations. From Washington came the unsettling news that the nation's index of leading indicators slipped 1.9% in January, the biggest dip in three years, while inflation speeded up. From Europe came a newspaper interview with West German Economics Minister Otto Graf Lambsdorff, who said that he "could not exclude" the possibility of the dollar's sinking...
...nation's most widely watched measure of inflation by far is the Bureau of Labor Statistics' consumer price index. As inflation has embedded itself in American life, the CPI has become possibly the most important economic statistic issued by the Government. Escalator clauses tie the incomes of perhaps half of all Americans to movements in the CPI; among them are 8.5 million wage earners, 31 million Social Security recipients, 20 million people who receive food stamps, and 2.5 million retired military and federal employees. But the index has had two serious drawbacks: it is based on the spending...
...more. Last week the bureau began issuing not one but two new CPls. The first new index, still focused on blue-collar workers and clerical employees, updates their spending habits through surveys of family budgets taken in 1972-73 and rigorously analyzed ever since. The second (CPI-U) reflects the new spending patterns not just of wage earners but of "all urban consumers," including, for example, retired people and self-employed professionals; it is supposed to reflect the way 80% of Americans spend their money...