Word: low
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Dates: during 1970-1979
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...difficult to state the real level of inflation, Eastern style. Even those governments that admit to a low level of "inflation" cook the books and obscure the situation with huge state subsidies that hold down prices of certain essentials. The Soviet Union will spend about $31 billion this year to restrain the retail price of food; frozen turkey sells at $1.81 per lb. and milk at 20? a pint. It will also spend $7.5 billion to hold average monthly electricity and heating bills to $4.50 and the monthly rent for a standard three-room apartment...
Alternatively, the state manufactures both high-and low-priced versions of, say, furniture. But, in the old bait-and-switch technique, the cheaper items are often not available. The price of basic bread in Poland has remained officially unchanged for 15 years at 6? per lb.; but newer-style and more popular breads of higher quality that contain honey or bran and cost up to three times as much are also frequently unavailable...
With some exceptions, the price of food and most essentials is indeed low, but there is rarely enough of anything that is popular. It is impossible now to buy detergents in Moscow, and meat is in chronic shortage. Even in summer, fresh fruit and vegetables can be hard to find. Most of these "luxuries," however, are available without long waits at the free markets where farmers sell produce from their private lots for inflated prices. Beef and pork go for around $4.07 per lb. rather than $1.36 in the shops, while potatoes, carrots, tomatoes, oranges and apples...
...Lagging technology. This results in generally low-quality goods that are hard to sell in the West. The inability to export much makes it difficult to buy the advanced machines that could produce goods more cheaply. The debt to the West of the Comecon nations is estimated to be $54 billion. In Poland, 50% of all hard currency earned this year from exports will go to pay interest, and that kicks up price levels...
...Low productivity. Output of Soviet steel, chemicals, fertilizers and other industrial basics is below last year's. The satellites also suffer from production blahs. One reason is the lack of advanced technology, but Marxist ideological strictures do their part. Some countries place a ceiling on the bonuses that can be awarded to individuals for higher output, and many employees prefer to clock out and work at second jobs in the growing "underground" economies...