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Economy / Prices / Food / FTC Report #241563

CBS Evening News for Thursday, Aug 21, 1975
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(Studio) gross national product rose 1.6% in 2nd quarter Consumer prices show inflationary spiral.
REPORTER: Roger Mudd

(DC) Consumer prices up 1.2% in July. Foods on shelves up 1.9%; fresh vegetables up 18%; pork and poultry up. Gasoline and motor oil prices up 3.3%. Soviet grain sale, oil decontrol and steel prices to have effect. Chart shows inflationary impact on wages. [Chairperson Senator Banking Committee William PROXMIRE - says federal government should control inflation.] Econs. say food and fuel increase due to other factors; recovery slow and tight money and budget policies might stifle it.
REPORTER: Neil Strawser

(Studio) Agriculture Secretary Earl Butz tries to calm consumer fears.
REPORTER: Roger Mudd

(DC) Chart shows 1975 food prices. Food prices to go up 9% compared to yr. ago. [BUTZ - says most impact of rising food prices behind us. Will be enough food for United States and abroad.] Butz says Soviet sale will raise prices 1 1/2%. FTC (Federal Trade Commission) study of milk, meat, bread and beer inds. rules out profiteering. [FTC Fred. SCHERER - says most price increases associated with cost increases]
REPORTER: Hal Walker

Reporter(s):
Mudd, Roger;
Strawser, Neil;
Walker, Hal
Duration:
00:04:00

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