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Economy / Price Incr. / Food / FTC Study #38899

ABC Evening News for Thursday, Aug 21, 1975
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(Studio) gross national product rises in 2nd quarter to 1.6%. Consumer price index up 1.2% in July.
REPORTER: Howard K. Smith

(New York City) Most price increases for meats, poultry, fresh fruits and vegetables and gasoline. Fruit and vegetable prices lower now. Farmers plant less produce. Meat prices up due to Iowa drought, speculation re: grain sales to USSR , and less crops planted. Poultrymen claim middlemen add 69% to price of pound chicken. Importing oil adds to higher gasoline prices; will be higher if oil decontrolled. Used cars more expensive.
REPORTER: Gregory Jackson

(Studio) Agriculture Secretary Earl Butz says food prices to be 9% higher than in 1974.
REPORTER: Howard K. Smith

(Midwest) United States to export more grain than ever before: 77 million tons.
REPORTER: Bill Matney

(DC) [BUTZ - says bulk of food costs increase is behind us. Agreed we'll probably make additional sales to Soviets.] Difference between what farmer gets and what consumer pays is unknown.
REPORTER: Bill Matney

(DC) FTC (Federal Trade Commission) study of milk, bread, meat and beer inds. found no excessive profits or profiteering in 1970-74. Food chains claim minimum profit; farmer blames middleman. [Director FTC (Federal Trade Commission) bureau on economy Fred. SCHERER - says middleman adding to incrd. prices due to incrd. costs.] FTC (Federal Trade Commission) could get no profit data from conglomerates that control 70% of milk and bread industry FTC has gone to court to get information
REPORTER: Bill Downs

Downs, Bill;
Jackson, Gregory;
Matney, Bill;
Smith, Howard K.

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