by Council on Wage and Price Stability on November 21, 1979
by Council on Wage and Price Stability

The Council on Wage and Price Stability today released an Inflation Update that details wage and price trends during
the first year of the anti-inflation program (third 9uarter 1978 through third quarter 1979).  As measured by the Consumer Price Index, prices climbed 12 percent during the first program-year. The report observes, however, that the underlying rate of inflation rose significantly less. The report discusses a variety of data commonly used to measure the underlying inflation rate.  Depending on which measure is selected, the underlying rate rose between 7.5 and, 10 percent during the program year, the report says.  The Council emphasized that today’s report is  a comprehensive evaluation of the anti-inflation program. A thorough analysis depends on the availability of company
data on wage and price changes during the year. These will be available at the end of calendar 1979, and the Council will report on its findings in early 1980.  A copy of the report is attached.

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