This Week In Business 100), and that figure was 2.3% higher than September 1964 index. Last January, although the index had increased by 0.3% from Decem ber 1964, there was no change in the index (at 101.0) from the previous January. But after that the index started climbing and it hasn't stopped. February brought an in crease of 0.7% to put the index at 101.2. In March, it was 101.3; in April, 101.7; May, 102.1; June, 102.8; July, 102.9; August, 102.9; and finally, in September, 103.0. In any group of commodities or
manufactured products, a price in crease (even a relatively large one) in a single product may not push up the whole index very much. So, in dustrial and consumer price indexes would not necessarily reflect what in dustry and the consumer are imme diately aware of. What makes the President's action suggest that aluminum may be a whipping boy for the bigger problem of general inflation are some remarks made last week by Joseph H. McConnell, president of Reynolds Metals. Using the yardstick of the 1957-59
NOVEMBER
15,
1965
average of 100.0 for prices, alu minum ingot at 25 cents a pound "is the only metal unchanged from the base price." All others are con siderably above their per-pound price average of 1957-59. Copper, at its current price of 36 cents, is 23.3% higher; lead, at 16 cents, is 2 3 . 1 % higher; zinc, at 14.5 cents, is 30.6% above the index level; and steel bil lets, at 4.2 cents, are 7.7% higher. "In production and price perform ance, the aluminum industry has demonstrated its anti-inflationary in fluence," Mr. McConnell says.
PRICES Industrial Chemicals
All Wholesale Commodities vs. Chemicals 1957-1959 = 100 106
1965
— • 1964
1957-1959 = 100 106
All Wholesale Commodities 102-
102O»*
l
%
*
M , , e f i
*Ui...,,
I I B I I 1 I 1 | | | i | | | | | | q | B i D f i n a B f l
,
a l B B B B S I B B i n
,«ilMIIBil
B
||iii.i«i.i..,«
98-
98-
Chemicals and Allied Products 94-
90
ι
ι
ι
1—π
D J F M A Source: Bureau of Labor Statistics
90
r M
l I I I I I I I I I I II DJFMAMJJASOND
Drugs
Rubber Products
Petroleum Products
1957-1959 = 100 106
1957-1959 = 100
1957-1959 = 100
106
106
102-
102-
102-
98-
98-
I ! ! I I I ΓΤΊ DJ F M A M J J AS Ο Ν D
Ί I I I I I FMAMJ J
90
S Ο Ν D
l I M I I I I I I I I I D J F M A M J J A S O N D
NOV.
15,
196 5 C&EN
37
