NBC Evening News for Thursday, Nov 11, 1971
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(Studio) Price commission reports guidelines on how much business can increase prices during phase II. Figure 2 1/2%, but there will be variations. Big business must get prior approval; medium business must make qtrly. reports; small business will be spot-checked. Commission says 2 1/2% general ceiling. Prices can be raised to compensate for higher operating costs, not for profits. Rents will remain frozen and no retroactive increases on prices.
REPORTER: John Chancellor
(DC) Chairperson C. Jackson Grayson says companies raise prices only if costs go up. [GRAYSON - says some may violate guidelines, but service through IRS will be monitoring and making spot checks; thinks some price increases will occur, but no big surge in inflationary rate; notes perhaps small surge.] White House representatives acknowledge inflationary surge when freeze ends.
REPORTER: Irving R. Levine
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