Page 10 I HE bATI ALION
THURSDAY, FEBRUARY 26, 1981
National
Inflation slows; still cuts deep
United Press International
WASHINGTON — Inflation fell below dou
ble-digit rates in January for the first time since
last summer, helped by the first drop in groc
ery store food prices in nearly a year, the Labor
Department reported Wednesday.
The rise in the Consumer Price Index for
January was 0.7 percent. That works out to a
9.1 percent inflation rate on a compound
annual basis — the amount prices would rise if
the monthly rate continued a full year.
The January figure compares with a 13.4
percent annual inflation rate in December.
The last time inflation ran below two digits was
last August, when the rate was 9.6 percent.
However, even the reduced January rate
made big inroads in the purchasing power of
working America.
The Labor Department said the “real spend
able earnings” — after taxes and inflation — of
an urban, blue-collar family of four with a non
working wife and two children fell 0.1 percent
in January. The same family’s earnings have
fallen 4 percent during the past 12 months.
Such a family is no longer typical, because
more and more wives have gone to work, but it
is still used by the department to measure
changes in buying power.
The consumer price index stood at 260.5 in
January, which means that goods costing $100
in 1967 now cost $260.50. To put it another
way, one 1967 dollar has shrunk in buying
value to 38 cents.
Slowing food and housing costs accounted
for nearly all the overall improvement in
January.
Food and beverages together registered a
zero increase. Prices of food bought at grocery
stores actually fell 0.4 percent in January, the
first monthly drop since a 0.5 percent decline
in February 1980.
Prices of meats, poultry, fish, eggs and fresh
fruits and vegetables all contributed to that
decline.
Despite the apparent drop in the inflation
rate, Murray Weidenbaum, chairman of the
Council of Economic Advisers, was not opti
mistic.
“The slight decline in food prices was coun
terbalanced by a sharp rise in energy,” he said.
“With January’s reading, 11.7 percent above a
year ago, we are still in a double-digit inflation
ary environment.”
WASHINGT
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Jalapeno jellies sent
to Reagan by Texan
United Press International
WASHINGTON — President
Reagan’s well-publicized fondness
for jelly beans is being put to the
test by House Democratic leader
Jim Wright.
The Texas congressman
Wednesday sent Reagan some
“regional delicacies — jalapeno
jelly beans.”
“These are made of the nectar
of the Mexican jalapeno pepper
and in most cases have not Seen
known to remove varnish from the
teeth,” Wright said in a letter to
the president.
“You will recall, of course, that
in Spanish the j’ in jalapeno is pro
nounced like the English ‘h,”
Wright noted. He added: “Be
careful, Mr. President. These are
jot as jell.”
The candies were sent to
Reagan, via Wright, by the cast at
the Granbury Opera in Texas —
“some of your friends and well-
wishers in Texas,” Wright wrote.
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Eddy Daniel makes this first place spit to win
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Fed
aims
for Vz percent
money cut
United Press International.
WASHINGTON - Federi y teen . a , ers
Reserve Chairman Paul Volck ^ the ^ v
— aiming to squeeze out i
tion — today announced a out
with the recipie
half percent reduction in#
year’s growth targets for the nw! ■ - ■ '
common measures of Ameriai
money supply.
United Presi
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children, says a l
researcher.
Dr. Don Ol
jhe university’s
iearch with cal
man-heart imp
CHARLIE DAfllELS BAflD
hull noon TOU^H
MSC TOWN HALL
8:00 p.m.
G. Rollie White Coliseum
Thursday, February 26, 1981
with special guest
MICHEAL JOHNSON
Tickets: $6.00
$7.00
$7.50
MSC Box Office
845-2916
We’ve Got To
CLEAN-OUT
Book Warehouses!
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NO BOOK OVER
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Volcker told the Senate Bail
ing Committee the new Fef
targets are “frankly designed t(#
restrictive,” by restrainingpote
tial growth of the gross nation^ . „ ¥I
product — the nation’s output-
unadjusted for inflation.
taken from hi
) Ricardo. Univei
Fernando an ai
months ago. Th
the man-made o
With Ricardo’s h
Olsen said t
tions the new
“Our intent is not to accomi#
date inflationary forces,” Volcte
said. “Rather we mean to exert
continuing restraint on growth®
money and credit to squeeze oo!
inflationary pressures.’’
flow implanted
[growing to meet
needs of Feman
The director <
Booki
Volcker said targets for #|
growth of the two narrowest mfi f/J TJlIfl
sures of money, MIA and MU I IT
each would be reduced one-hJI f
percent in 1981 compared
1980. ■ S
University Book Stores
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NORTHGATE STORE ONLY
r . in United Press
The target for M1A, cash am j y^g p ress j,
checking accounts, thus become j Thepublishin
a range of 3 to 5.5 percent, tylwiav it will 1
target is 3.5 to 6 percent for pLfJ thcomi
which also includes newchecldf » r j nce Charles o
type deposits such as NO" D iana Spencei
accounts. jhelves in less t
i The book is title
“If inflation continues unabatf- p 0 y a ] yy ec ]
or rises, real activity is likely tok th or j s H u g 0 Vj (
squeezed,” Volcker said. "As®
flation begins noticeably to abaft
the stage will be set for strong
real growth.”
<0
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LAST CHANCE TO ENTER!!!
SALON 81
Photo Contest Entries
now being accepted.
10:00-2:00 Feb. 20-26th
MSC Main Hallway
Contest Judging Feb. 28th - Rudder Tower
Categories include:
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Commercial
Landscape
Nature
fr'S • L8. NOTVS •
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Art
Photojournalism
Sports
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