Word: upcreeping
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Bent on grappling with the problem of price upcreep, President Eisenhower last week handed Vice President Nixon a job that was part plum, part hot potato. Richard Milhous Nixon's new post, his first major executive responsibility: chairman of a new Cabinet Committee on Price Stability for Economic Growth, with a franchise to 1) study the labor and management factors pushing up costs and prices, and 2) "strive to build a better understanding" of inflation and the public and private policies needed to curb...
...Labor Statistics: after creeping up to the alltime peak last November, consumer prices slipped downward a little in December to pare the BLS consumer price index two-tenths of a point, to 123.7 (the 1947-49 average: 100). Price forecast for 1959, as most economists see it: renewed upcreep...
After two years of upcreep, the Federal Government's consumer price index leveled out last summer, even slipped downward a little in August under the delayed drag of the recession. Last week the Bureau of Labor Statistics announced that in October the ups and downs averaged out and the index held steady for the second month in a row at the August level of 123.7 (the 1947-49 average = 100). Up: new cars, women's and girls' clothing, rents, medical care, cooking gas, fresh vegetables, beef, milk. Down: house furnishings, men's and boys' clothing...
...Labor Statistics announced that its consumer price index had edged upward for the twelfth month in a row, with an August rise of .2 lifting the index to a record high of 121.0 (the 1947-49 average = 100) as compared with 116.8 a year earlier. Because of the relentless upcreep in prices, factory workers' average real wages actually shrank by nearly 1% from August 1956 to August 1957 despite an increase of $2 a week in take-home pay. And the U.S. inflation record, measured against the global scale (see chart), was moderate indeed...
Domestically, the phony cost-of-living index, artfully manipulated to conceal the inflationary upcreep, has finally burst through its ceiling, setting off an automatic 5.5% minimum wage rise for 800,000 employees. With every allowance for crop failures, the cost of Suez and the price of Algeria's billion-franc-a-day war, said Gaillard, France's "fundamental" trouble is that "for several years our internal consumption has been rising more rapidly than our production...