Council on Wage and Price Stability to Study the Wholesale Price Index

by Council on Wage and Price Stability on July 7, 1975
by Council on Wage and Price Stability and Albert Rees

Albert Rees, Director of the Council on Wage and Price Stability, announced today that the Council’s study of the Wholesale Price Index will be conducted by Professor Richard Ruggles of Yale University through the National Bureau of Economic Research.

In a speech before the Washington Statistical Society on May 20, Mr. Rees criticized the WPI and announced that the Council would commission a study of the index. Mr. Rees, noting that the Congress had mandated the Council to improve wage and price data bases for the various sectors of the economy to improve collective bargaining and encourage price restraint, said, “In my judgment, the WPI is not now equal to the new demands being put upon it. In particular, it is not equal to the needs of even the mildest income policy…”

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