Word: retailers
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Dates: during 1970-1979
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Anyone concluding from that logic that the diamond market is a topsy-turvy affair best left to pros would be dead right. An uninitiated individual investor has to buy diamonds at retail, paying huge markups, but he can only sell his stones at wholesale levels. So the price has to rise considerably for the ordinary investor to break even. Meanwhile, he has cash tied up in an asset that pays no dividends or interest...
...from Africa and South America. Meanwhile, the Senate last week passed a farm subsidy bill that the Council on Wage and Price Stability (COWPS) condemned as "one of the most inflationary actions of the Federal Government in recent years." The council estimates that the law could further push up retail food prices anywhere from 2% to 5% next year...
...major money centers, commercial and industrial loans by foreign banks are now about a third as great as those by large local banks. Most foreign banks dealing with the public still cluster in and around New York City, Los Angeles and Chicago, where they are allowed to do "retail" business. But for various reasons-desire to follow corporate clients, changes in state laws that once kept foreign banks out-the overseas offices have also appeared in such other cities as Houston, Atlanta, Miami and Boston...
...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 to push January consumer-price increases back to a 10% annual rate, propelled the February wholesale surge, climbing 2.9%, the biggest monthly...
...While retail prices climb, farmers complain that the money they collect continues to fall behind rising production costs. Some farmers have been threatening to restrict production severely unless the Government increases crop-support payments, but their much publicized "strike" so far shows no sign of success...