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Retail Prices of Food 1 9 5 3 - 5 4 INDEXES AND AVERAGE PRICES Bulletin No. 1183 UNITED STATES DEPARTMENT OF LABOR James P. Mitchell, Secretary BUREAU OF LABOR STATISTICS Aryness Joy Wickens, Acting Commissioner Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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  • R e t a i l P r i c e s o f F o o d 1 9 5 3 - 5 4

    IN D E X E S A N D A V E R A G E PR ICES

    Bulletin No. 1183

    UNITED STATES DEPARTMENT OF LABOR James P. Mitchell, Secretary

    BUREAU OF LABOR STATISTICS Aryness Joy Wickens, Acting Commissioner

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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  • R E T A I L P R I C E S O F F O O D

    1 9 5 3 -5 4

    INDEXES AND AVERAGE PRICES

    Bulletin No. 11 S3June 1955

    UNITED STATES DEPARTMENT OF LABOR James P. Mitchell, Secretary

    BUREAU OF LABOR STATISTICS Aryness Joy Wickens. Acting Commissioner

    For sale by the Superintendent of Documents, U. S. Government Printing Office, Washington 25, D. C. Price 30 cents

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  • CONTENTS

    PageSummary------- ----------------------- ------------------------------------------------------------------------------------ - ----------------- 1C om parison w ith 1939------------- -- ---------------- -------- ---------------------------- ------------------ ---------- 2Changes in fo o d p r i c e s b y c i t y ------- ---------------------------------------- ------- ------------------------------------------ -- 3M onthly f lu c t u a t i o n s --------------- -------------------------------- UTrend o f p r i c e s f o r m a jo r fo o d g ro u p s--------------- -- - ---------- ------------------------ -------- - l*

    M eats, p o u l t r y , and f i s h - --------------- ------------ ---- l*D a iry p r o d u c t s - ------------- ------------------------------------------------ 6F r u it s and v e g e t a b le s ------- ------- - 7C e re a ls and b a k e ry p r o d u c ts 8O th er fo o d s a t home --------------------------- 8

    CHARTS

    1# R e t a i l p r i c e s o f f o o d s , U nited S t a t e s , 1913-5U----------- -- i v2 . R e t a i l p r i c e s f o r grou ps o f f o o d s , U nited S t a t e s , 19U7-5U----------- -------- ---------------------------- v3* R e t a i l p r i c e s f o r su bgroups o f meat and p o u l t r y , 19U7-195U----------- ---------------------------------- 5

    TABLES

    1 . P e rce n t changes in r e t a i l fo o d p r i c e s i n th e U nited S ta te s f o r s e l e c t e d p e r io d s ------- - 12 . R e t a i l f o o d p r i c e s - p e r c e n t changes b y c i t y , and b y su bgrou p , Decem ber 1952 - Decem ber

    195U------------------------------------------------------------------------------------------------------------------------------------------------------------- 33* In d ex es o f r e t a i l p r i c e s o f fo o d i n th e U n ited S t a t e s , b y y e a r , 1913-5U*and b y m onth,

    January 1953 t o Decem ber 195U 1 1U In d e x e s o f r e t a i l p r i c e s o f fo o d in th e U nited S t a t e s , b y com m odity groups b y y e a r and

    m onth, 19U7-5U--------------------- ------------------------ - ------------ -------------- ------------------ 1 25 C l a s s i f i c a t i o n o f r e t a i l fo o d ite m s b y p e r c e n t change in p r i c e f o r s e l e c t e d p e r io d s - 15 6 * In d e x e s o f r e t a i l p r i c e s o f a l l f o o d s b y c i t y , b y y e a r and m onth, 19U7-5U- - 167* In d exes o f r e t a i l p r i c e s o f p r in c ip a l fo o d s i n th e U nited S t a t e s , b y m onth, 1953 and

    195U------------------------------------------------------------------------------------------------------------------------------------------------------------- 1 88 * A verage r e t a i l p r i c e s o f p r in c ip a l fo o d s i n th e U nited S t a t e s , b y m onth, 1953 and 195U 219o Annual average r e t a i l p r i c e s o f p r in c ip a l fo o d s b y c i t y , 1953 and 195U---------------------------- 21*

    APPENDIX

    The r e v is e d r e t a i l fo o d p r i c e in d e x ------- -- ------------------------------------------------------------ --------- -------- 28In d e x b a se p e r io d --------------------------- 2 8Sample o f c i t i e s ---------------------------------------------------------------------------------------------------------- 2 8Food away from home 3 0Sample o f fo o d it e m s ------------------------------------------------------------------------------------------------------------ ------ 30Commodity w e ig h ts - ---------------------------------------------------------- --------------- 3 3P u b l i c a t io n s 3 3

    APPENDIX TABLES

    A* R e la t iv e p o p u la t io n w e ig h ts used in com puting r e t a i l fo o d p r i c e s and in d e x e s f o r U6c i t i e s com bin ed , b e g in n in g January 1953-------------------------------- ----------------- ----------- 3U

    Bo L i s t o f f o o d s and r e l a t i v e im portan ce o f in d iv id u a l f o o d s and g rou p s o f f o o d s in c lu d e d in th e r e t a i l f o o d p r i c e in d e x , Decem ber 1952 (b e fo r e and a f t e r r e v i s i o n ) , Decem ber 1 9 5 3 1 and Decem ber 19511 35

    Cr C o n v e rs io n f a c t o r s f o r c d n v e r s io n o f in d e x e s f o r in d iv id u a l ite m s and grou ps o f item sfrom th e p r e v io u s ba se p e r io d t o th e b a se p e r io d c u r r e n t ly u sed --------- -- - - 3 6

    i i i

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  • VChart 2.

    RETAIL PR ICES FOR GROUPS OF FOODS United States, 1947-54

    1947 - 49 * IOO

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  • R e t a i l P r ic e s o f F ood, 1953 and 1?5U * f

    Summary

    R e t a i l p r i c e s o f f o o d , l i k e m ost o t h e r r e t a i l com m odity p r i c e s , w ere r e l a t i v e l y s t a b le on th e a v e ra g e d u r in g 1953 and 195U* H owever, th e y w ere a b o u t 12 p e r c e n t ab ove th e 191*7-1*9 av era g e and m ore than d o u b le th e a v e ra g e i n 1939* D uring 1953-51** r e t a i l f o o d p r i c e s , w h ich had b een f u l l y d e c o n t r o l le d e a r ly i n 1 9 5 3 * a v era g ed v i r t u a l l y th e same a s i n 1 9 5 1 * when p r i c e c o n t r o l s had been in e f f e c t * The rem ov a l o f p r i c e c o n t r o ls in e a r ly 1953 had l i t t l e e f f e c t on r e t a i l f o o d p r i c e s p r i n c i p a l l y b e ca u se th e 1 9 5 1 - 5 2 p r i c e c e i l i n g s had been im posed a t r e l a t i v e l y h ig h l e v e l s * I n a d d i t i o n , c e i l i n g s had been g r a d u a lly r a is e d f o r some fo o d s *

    Food p r i c e s f lu c t u a t e d from month t o month d u r in g 1 9 53 -5U* as in p r e v io u s y e a rs* M onthly p e r c e n t changes ran ged from - 1 *1* t o / 1 *1* p e r c e n t , w ith d e c r e a s e s i n b o th y e a r s s l i g h t l y o u t w e ig h in g in c r e a s e s * As a r e s u l t , some d e c l in e from th e 1952 peaks was e v id e n t f o r fo o d p r i c e s as a w h ole d u r in g th e 2 - y e a r p e r io d , a s w e l l as f o r some im p o rta n t su bgrou ps su ch as b e e f , and f o r I n d iv id u a l fo o d com m od ities su ch as eggs* T h is r e f l e c t e d l a r g e ly th e g e n e r a l ly ample o v e r a l l fo o d su p p ly* Food p r i c e s i n g r o c e r y s t o r e s d e c l in e d 1* p e r c e n t betw een D ecem ber 1952 and D ecem ber 195U* b u t a t a somewhat f a s t e r r a t e i n l a t e 195U; t o t a l r e t a i l f o o d p r i c e s d e c re a s e d 3 p e r ce n t* H owever, consum er in com es rem ained a t r e c o r d l e v e l s d u r in g t h i s p e r io d and c o n t in u e d h ig h p u rch a s in g pow er ten d ed t o p r e v e n t a more p ron ou n ced d ro p i n p r i c e s *

    A lth ou g h th e f o o d in d e x showed r a th e r s m a ll av era g e changes f o r th e y e a r s 1953 and 1951** p r i c e s o f in d iv id u a l fo o d s and fo o d su bgrou ps f lu c t u a t e d b e ca u se o f u n u su a l s u p p ly c o n d i t io n s , in c lu d in g tem p ora ry s h o r ta g e s o f p o rk and c o f f e e , and o v e r s u p p l ie s o f e g g s , c h ic k e n s , d a i r y p r o d u c t s , and b e e f* T here w ere o f t e n c o n t r a s t in g p r i c e movements f o r in d iv id u a l com m od ities p r im a r i ly i n re sp o n se t o t h e i r s u p p ly s i t u a t io n s * P r ic e s o f b e e f and p o r k , in p a r t i c u la r , f r e q u e n t ly moved i n o p p o s it e d i r e c t i o n s * I n a d d i t i o n , th e re w ere th e u s u a l sh arp f lu c t u a t io n s in p r i c e s o f f r e s h f r u i t s and v e g e t a b le s , dep en d in g on s e a s o n a l s u p p l ie s *

    Table 1. Percent Changes in Retail Food Prices in the United States for Selected Periods

    Group and subgroupAug. 15, 1952

    peak to Dec. 15. 195*

    Dec. 15, 1952 to

    Dec. 15. 1953

    Dec. 15, 1953 to

    Dec. 15. 1954

    Dec. 15, 1952 to

    Dec. 15. 1954

    Total food - 5.3 - 1.3 - 1.7 - 3.0Total food at home- - 6.3 - 1.8 - 2.2 - 4.0

    Cereals and bakery products + 4.9 + 2.7 + 2.0 4.8Meats, poultry, and fish -14.4 - 4.6 - 5.2 - 9.6

    Beef and veal -23.3 -19.7 + .3 -19.4Pork - 7.9 +16.6 - 8.0 + 7.3Poultry 21 a A -12.2 -14.3 -24.8Fish----------------------------- ----------------------- - 3.3 - 1.5 0 - 1.5

    Dalxy products - 3.8 - 2.1 - 3.2 - 5.2Fruits and vegetables- - 8.7 - 5.7 - .7 - 6.4

    Froxen - 4.1 + 2.7 - 4.0 - 1.4Fresh- -14.0 - 9.5 - .7 rlO .lCanned + 1.5 + .5 - 1.0 - .5Dried------ ------------------------------ +14.3 t 3*5 + 7.2 +10.9

    Other foods at home - 1.0 + 2.6 - 1.3 + 1.3Beverages +18.4 + 5.2 +12.4 +18.2Fats and o ils 5.9 + 7.0 0 + 7.0Sugar and sweets + 5.4 0 + 5.1 + 5.1Egg*------------------------------------------------------ -27.9 + .7 -22.9 -22.4

    * / P repared i n th e B u re a u 's P r ic e s and C o s t o f L iv in g D iv i s i o n b y F ran ces H. M artin

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  • - 2 -

    The m ost im p o rta n t p r i c e changes d u r in g 1953 and 195U o c c u r r e d f o r m ea ts , p o u l t r y , e g g s , and c o f f e e * (S ee t a b le 1 . ) O f th e m a jo r g ro u p s , m ea ts , p o u l t r y , and f i s h showed th e l a r g e s t d e c r e a s e o v e r th e 2 y e a r s ( 9 * 6 p e r c e n t ) , f o l lo w e d b y f r u i t s and v e g e t a b le s ( 6 .h p e r c e n t ) , and d a i r y p r o d u c ts ( 5* 2 p e r c e n t )* P a r t ly o f f s e t t i n g th e s e d e c l in e s w ere in c r e a s e s o f U#8 p e r c e n t f o r c e r e a l s and b a k e ry p r o d u c ts and 1*3 p e r c e n t f o r o th e r fo o d s a t home* The p r i c e r i s e f o r c e r e a l s and b a k e ry p r o d u c ts was p e r s i s t e n t and a lm ost u n in te r ru p te d * The in c r e a s e f o r o th e r f o o d s was due p r i n c i p a l l y t o h ig h e r c o f f e e p r i c e s , a lth o u g h in c r e a s e s w ere q u i t e g e n e r a l i n t h i s grou p e x c e p t f o r e g g s , w hich d e c l in e d s u b s t a n t ia l ly * P r ic e s o f fo o d away from home ( r e s ta u r a n t m e a ls ) , o f w h ich s e r v i c e s c o n s t i t u t e an im p o rta n t e lem en t, in c r e a s e d n e a r ly 3 p e r ce n t* The d e c l in e in p r i c e s o f b e e f c u t s had th e g r e a t e s t in f lu e n c e on th e o v e r a l l d e c r e a s e i n fo o d p r i c e s in th e 2 - y e a r p e r io d b u t th e r e d u c t io n s in egg and p o u l t r y p r i c e s a l s o w ere im p ortan t* P r ic e f lu c t u a t io n s f o r p o rk and f r e s h f r u i t s and v e g e t a b le s c o n t r ib u t e d s u b s t a n t ia l ly t o th e m on th -to -m on th v a r ia t io n *

    P e rce n t changes in r e t a i l fo o d p r i c e s b y grou p and su bgroup f o r s e l e c t e d p e r io d s a re shown in t a b le 1 . In d ex es o f r e t a i l fo o d p r i c e s b y com m odity grou p and su bgrou p from 19U7 th rou gh 195U a re shown in summary t a b le k (p* 12 )* The movement o f r e t a i l fo o d p r i c e s f o r im p o rta n t grou ps o f com m od ities from 19U7 th rou g h 195U i s shown i n c h a r t 2 #

    Com parison w ith 1939

    The p r i c e movements o f 1953 and 195U w ere i n p a r t a re a d ju s tm e n t o f p r i c e r e la t io n s h ip s in a f r e e m arket* P r ice -w a g e c o n t r o l s , in e f f e c t d u r in g W orld War I I and u n t i l l a t e 19U6, w ere re im posed i n January 1951 and c o n t in u e d th rou gh 1952* 1/ D urin g F ebru ary and March 1953 , th e O f f i c e o f P r ic e S t a b i l i s a t i o n is s u e d f i v e o r d e r s c o m p le t in g th e d e c o n t r o l o f r e t a i l p r i c e s o f f o o d s , as f o l l o w s :

    F ebru ary 6 - M eats , canned f i s h , s o f t d r in k s*F ebru ary 12 - P o u lt r y , e g g s , f a t s and o i l s ( e x c e p t m a rg a r in e ) .F ebru ary 18 - D a ir y p r o d u c ts , m a rg a r in e .F ebru ary 25 - D ry g r o c e r i e s in c lu d e d u nder CPR* s 15 and 16 ( e x c e p t c o f f e e ) #March 5 - Bread*March 12 - C o f f e e .

    P r ic e movements in 1953 and 195U ten ded t o re d u ce th e d i f f e r e n c e s in p r i c e s o f th e r e s p e c t i v e fo o d grou p s com pared w ith t h e i r prew ar (1 9 3 9 ) p r i c e le v e l s * A lth ou g h m e a ts , p o u l t r y , and f i s h in D ecem ber 195U w ere h ig h e s t in r e la t i o n t o 1939 (m ore than 11*5 p e r c e n t ab ove 1 9 3 9 ), p r i c e s o f f r u i t s and v e g e t a b le s and o th e r fo o d s a t home w ere a lm o st as h ig h i n com p a rison w ith 1 9 3 9 ; p r i c e ad van ces f o r c e r e a l s and b a k e ry p r o d u c ts and d a ir y p r o d u c ts s in c e 1 9 3 9 w ere l e s s than f o r o t h e r g rou p s ( 1 1 5 p e r c e n t ) , b u t t h i s sp rea d i n p i i c e changes among grou ps was l e s s than a t th e end o f 1 9 5 2 *

    The d is tu r b a n c e s o f W orld War I I a f f e c t e d p r i c e s and s u p p l ie s o f f o o d su bgroups d i f f e r e n t ly and p r i c e c o n t r o l s w ere n o t u n ifo r m ly e f f e c t i v e in m a in ta in in g f ir m p r ic e s # The im p a ct o f th e g e n e r a l d e c o n t r o l o f p r i c e s , f i r s t in June 19U6 and a g a in i n O cto b e r 19b6 , b ro u g h t sh arp p r i c e r i s e s w hich were much g r e a t e r f o r some item s th an f o r o th e r s * M oreov er, th e tim e r e q u ir e d f o r re a d ju stm e n t o f s u p p l ie s t o new s i t u a t i o n s i s lo n g e r f o r some co m m o d itie s , n o t a b ly l i v e s t o c k and m ea ts , than f o r o th e r s *

    L iv e s t o c k p ro d u ce rs w ere g e n e r a l ly d i s s a t i s f i e d w ith w artim e c e i l i n g s and red u ced s i z e s o f h erd s m a t e r ia l ly d u r in g W orld War I I and th e e a r ly p os tw a r p e r io d . I n th e s p r in g o f 191*6, l i v e s t o c k was w ith h e ld from th e m arket p en d in g th e e x p ir a t i o n o f th e P r ic e C o n tr o l A ct# W ith tem p ora ry e l im in a t io n o f p r i c e c o n t r o l in June 19U6 and te r m in a t io n o f w artim e s u b s id i e s , m eat p r i c e s r o s e r a p id ly d e s p i t e u n p reced en ted m a rk etin gs o f l i v e s t o c k . F in a l r e s c in d in g o f co n t r o l s in m id -O cto b e r 191*6 b ro u g h t even f u r t h e r p r i c e in c r e a s e s * T h e r e a f t e r , m eat p r i c e s r o s e r a t h e r s t e a d i l y f o r s e v e r a l y e a r s a s s u p p l ie s f a i l e d t o m eet req u irem en ts A t th e b e g in n in g

    y S e e R e t a i l P r i c e s o f F o o d , 1951 a n d 1952 B LS B u l l . 111*1, ( t a b l e 3, P * U )

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  • - 3 -

    o f 191*9 th e r e w ere fe w e r l i v e s t o c k on farm s than in any y e a r s in c e 1939# and p r i c e s co n t in u e d up d e s p i t e p r i c e c o n t r o l s o f 1951-52 Herds g r a d u a lly in c r e a s e d , h ow ever, and b y th e b e g in n in g o f 1953 th e in d e x f o r m ea ts , p o u l t r y , and f i s h was down s l i g h t l y from i t s p ostw a r peak rea ch ed i n th e l a t e summer o f 1952* However i t was s t i l l n e a r ly d o u b le i t s June 191*6 l e v e l , w hereas fo o d as a w hole was n o t q u it e 60 p e r c e n t h ig h er*

    The o v e r a l l d e c l in e s f o r m ea ts , p o u l t r y , and f i s h d u r in g 1953 and 1951* r e f l e c t e d th e b e t t e r b a la n ce o f s u p p ly and demand* By Decem ber 1951*# th e in d e x was o n ly 2 p e r c e n t above 191*7-1*9# and n o t much h ig h e r than some o f th e o th e r fo o d su bgroups i n r e la t i o n t o prew ar (1 9 3 9 ) le v e ls #

    The h i s t o r y o f p r i c e movements f o r c e r e a l s and b a k ery p r o d u c ts s in c e W orld War I I i s in d e c id e d c o n t r a s t* P r ic e c o n t r o l d u r in g th e war had been more e f f e c t i v e in r e s t r a in in g p r i c e in c r e a s e s f o r th e se fo o d s than f o r o th e r s * I n June 191*6 p r i c e s w ere a b o u t 30 p e r c e n t above t h e i r 1939 l e v e l , l e s s than o t h e r f o o d subgroups# From June 191*6 t o th e b e g in n in g o f 1953# p r i c e s f o r c e r e a l s and b a k e ry p r o d u c ts r o se n e a r ly 6 p e r c e n t an d , u n lik e m ea ts , p o u l t r y , and f is h # r o s e s t e a d i l y d u r in g 1953 and 1951* As a r e s u l t th e in d e x f o r th e s e ite m s i n Decem ber 1951* was n e a r ly 25 p e r c e n t above th e 191*7-1*9 a v e r a g e , a lth o u g h s t i l l b e lo w av era g e i n com paris o n w ith 1939#

    Changes i n Food P r ic e s b y C ity

    A l l 1*6 c i t i e s in c lu d e d in th e r e t a i l fo o d p r i c e in d e x sh ared in th e downward movement from th e A ugust 1952 peak* D e cre a s e s from Decem ber 1952 t o Decem ber 1951*# w hich averaged 3 p e rce n t# ran ged from 0*3 t o 1*#8 p e r c e n t i n th e 1*6 c i t i e s #

    T a b le 2 . R e t a i l Food P r i c e s P e r c e n t C h an ges b y C i t y , an d b y S u b g ro u p , D ecem ber 1 9 52-D ec em b er 1 9 5 1

    C ity T o ta lfoodFood

    a t homeC erea ls and

    b ak ery productsM eats, p o u lt r y ,

    and f i s hD airy

    product#F ru it s and v eg e ta b le s

    Other foods a t home

    U n ite d S t a t e s ----------- -------- - 3 * 0 - 1.0 1.8 - 9 . 6 - 5 .2 - 6.1 1 .3

    A t l a n t a ------------------------------------- - 2 .7 - 1.2 1 .7 - 8.1 - 5.1 - 7 . 6 - .7B a l t im o r e --------- ------- - 1 .9 - 3 . 1 1 .5 - 8 .7 - 2 .2 - 8 .7 3 . 8B o s to n - 3 * 1 - 1 . 6 1.1 - 9 .8 - 3 .1 - 6 .5 - .2C h ic a g o - 3 .7 - 5 . 0 1.0 - 10.0 - 7 .5 - 5 .7 1 . 3C in e i n n a t i --------- - 2.1 - 2 .9 6.6 - 7 .3 - 1.6 - 8.2 1 .3C le v e la n d --------------- - 2 .7 - 3 . 8 5 .5 - 9 .3 - 8.1 - 6 .5 1 .5D e t r o i t ----------- ------- - 3 . 6 - 1 .7 3 . 8 - 9 .6 - 6.6 - 7 .1 1 .3H o us to n ------------------- --------- - 1.0 - 1 .9 3 . 1 - 11.2 - 6.6 - 1.0 - .8K an sas C i t y ?- - J* .5 - 5 . 8 2.2 - 1 1 . 9 - 5 . 7 - 7 .2 - 1 . 3Los A n g e le s ------- ------------------- -- - 3 .3 - 5 .2 8.8 - 1 1 .5 - 8.6 - 1 .9 - 1.8M in n e a p o l is ----- ----------------------- - 1.1 - 1 .8 5 . 1 - 9 .5 - 8.6 - 6 .9 + .8New Y o rk - 2 .7 - 3 .7 5 . 1 - 11.1 - .1 - 7 .5 + 1.2P h i l a d e l p h i a --------------------------- - 3 .7 - 1.8 2.1 - 1 0 . 5 - 2 .9 - 9 .3 2.0P i t t s b u r g h - --------- - 3 . 0 - 3 .7 6.0 - 9 .9 - 2 .9 - 11.0 1.8P o r t l a n d , Q reg * ----------- ---------- - 2 .7 - 3 .5 9 .7 - 8 .3 - 7 .1 - 3 .6 - 2.0S t , L o u is ------------- ------------- - 2 .3 - 1.2 6 .3 - 7 .1 - 15.0 - 3 .1 1 .7S a n F r a n c is c o ----------------------- -- - 2 .7 - 3 .7 6 .3 - 7 .6 - 6.6 - 5 .2 - . 5Sc r a n t on - J*#6 - 1 .9 2.2 - 8 .7 - 3 .1 - 12.1 .5S e a t t l e ------- ---------------- ------- - 2 . 1 - 2 .6 7 .3 - 7 . 8 - 1 .7 - 2.2 - .1W a s h in g to n , D .C . ------------ - - 2 .2 - 3 .7 7 .3 - 12.1 - 2.1 - 7 .6 + 1 .1

    The u n ifo r m ity in th e d i r e c t i o n o f p r i c e movement among th e 20 la r g e c i t i e s i n th e in d e x o v e r th e 2 y e a r s i s shown in t a b le 2* P r ic e s averaged lo w e r i n a l l th e s e c i t i e s f o r meats# p o u ltry # and f i s h * d a i r y p ro d u cts* and f r u i t s and v e g e t a b le s . On th e o t h e r hand, c e r e a ls and b a k ery p r o d u c ts r o s e in a l l th e se c i t i e s # and o th e r fo o d s a t home r o s e i n 13 o f th e 20 c i t i e s o

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • - u -

    C i t i e s v h ic h e x p e r ie n c e d d e c r e a s e s f o r th e o th e r fo o d s su bgrou p were m a in ly in w estern U n ited S ta te s * r e f l e c t i n g d i f f e r e n t i a l p r i c e movements o f e g g s and c o f f e e . A lth ou gh th e d i r e c t i o n o f p r i c e changes f o r e a ch fo o d su bgroup was g e n e r a l ly c o n s is t e n t among c i t i e s * th e r e was c o n s id e r a b le v a r ia t io n in th e m agnitude o f th e ch a n g e s .

    M onth ly F lu c tu a t io n s

    I n e a r ly 1953# th e r e t a i l fo o d p r i c e in d e x co n t in u e d th e d e c l in e s t a r t e d in Septem ber19 52 . Lower b e e f p r i c e s c o n t r ib u t e d m ost t o th e d e c l in e b u t p r i c e s o f a lm o s t a i l m a jor fo o d g rou ps a l s o av erag ed lo w e r in January and F eb ru a ry . Pork* i n s h o r t su p p ly* s t a r t e d a r i s e th a t la s t e d th rou gh th e m id d le o f th e y e a r .

    Food p r i c e s g e n e r a l ly r o s e u n t i l th e f a l l o f 1953 when lo w e r p r i c e s o f m eats and p o u l t r y and f r e s h f r u i t s and v e g e ta b le s * fo l lo w e d b y eggs* b ro u g h t a dow nturn in p r i c e s . F o llo w in g some f lu c t u a t io n s * p r i c e s advanced m o d e ra te ly in th e s p r in g o f 195U* t o re a ch th e h ig h e s t p o in t f o r th e 2 -y e a r p e r io d i n J u ly 195U* P r ic e s d e c re a s e d f o r th e rem ainder o f th e y e a r , r e a c h in g th e lo w e s t l e v e l s in c e January 1951* M eats and f r e s h f r u i t s and v e g e t a b le s le d th e d e c l in e * b u t p r i c e s o f m ost o th e r com m odities* e x c e p t c e r e a ls and b a k e ry and d a i r y p ro d u c ts * w ere a l s o down.

    M onth ly p e r c e n t changes f o r fo o d s as a w hole d u r in g 1953 and 195U a re shown b e lo w :

    Decem ber - January-----------

    P e rce n t

    1953

    Chang.

    195U

    f 0 .7January - F ebru ary ------ 1.U - UF ebru ary - M arch----------- ------ f .2 - u

    March - A p r i l --------------------- .2 / .3A p r i l - May------------------------- ------ / .5 / .8May - June--------------------------- ------ / l .U / U

    June - J u ly ----- ------------------------- / . 1 / .7J u ly - A u gust--------------------------- / .3 - .6A u gust - Septem ber----------- .3 - 1 .3

    Septem ber - O c to b e r .2 5O cto b e r - November----------- l . u - .6November - D ecem ber ------ / .3 - .6

    Trend o f P r ic e s f o r M ajor Food Groups

    M eats, p o u l t r y , and f i s h . 2 / G re a te r p r i c e d e c l in e s o c c u r r e d f o r m eats* p o u ltr y * and f i s h than f o r o t h e r su bgrou ps d u r in g th e 2 -y e a r p e r io d . T h is was th e o n ly fo o d su bgroup f o r w h ich p r i c e s had r e tu rn e d t o p re -K o re a l e v e l s b y th e end o f 195U*

    The m eats* p o u lt r y * and f i s h in d e x f o r Decem ber 195U averaged 9*6 p e r c e n t b e lo w th e D ecem ber 1952 l e v e l p r im a r i ly b eca u se o f lo w e r p r i c e s o f b e e f and p o u l t r y . The d e c r e a s e f o r t h i s c a t e g o r y was th e main f a c t o r in th e r e l a t i v e l y s m a ll d e c l in e in th e t o t a l fo o d p r i c e in d e x in t h i s p e r i o d . B e e f and v e a l p r ic e s * w hich make up a b ou t 6 p e r c e n t o f th e w e ig h t o f th e t o t a l - f o o d index* d e c l in e d a b o u t 20 p e r c e n t . C hicken p r ic e s * a lth o u g h o n ly a b o u t 3 p e r c e n t o f th e in d e x w eigh t* a l s o c o n t r ib u t e d t o th e in d e x d e c l in e w ith a s i z a b le p r i c e d ro p o f

    2 / The OPS d e c o n t r o l l e d m eats and canned f i s h on F ebru ary 6* and p o u l t r y on F ebru ary 12* 1 9 5 3 , w ith o u t e f f e c t on p r i c e s . F rozen f i s h was c o n t r o l l e d from January 26* 1951* th rou gh May 2 1 , 1951* and f r e s h f i s h was n o t c o n t r o l l e d .

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • Chart 3.

    R ET A IL P R IC E S FOR SU BG RO U PS OF M EAT AND POULTRY, 1947-19541947-49*100

    1947 1948 1949 1950 1951 1952 1953 1954 1955

    UNITED STATES DEPARTMENT Of LABOR BUREAU Of LABOR STATISTICSDigitized for FRASER

    http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • - 6 -

    a b o u t 25 p e r c e n t i n th e 2 -y e a r p e r io d . I n c o n t r a s t* p o rk p r i c e s r o s e b y m ore than 7 p e r c e n t . I n s e v e r a l months o f 1953# th e t o t a l - f o o d in d e x w ould have d e c l in e d e x c e p t f o r th e in f lu e n c e o f in c r e a s e s i n p o rk p r i c e s .

    The c h a r t shows th e c o n t r a s t in g movements o f b e e f and v e a l* pork* and p o u l t r y d u r in g 1953 and 195b* I n 1953# b e e f and v e a l p r i c e s g e n e r a l ly d e c re a s e d w hereas p o rk p r i c e s r o s e . F o llo w in g a d ro p a t th e end o f 1953# p o rk p r i c e s advanced a g a in th rou gh May 195b* th en d e c r e a s e d d u r in g th e rem ainder o f th e y e a r . B e e f and v e a l p r i c e s r o s e o n ly i n June and A u gust 1953# th en f lu c t u a t e d d u r in g 195b# w ith p r i c e s a t a s l i g h t l y h ig h e r l e v e l a t th e end o f 195b than a t th e end o f 1953*

    The number o f c a t t l e on farm s has been in c r e a s in g s in c e 19b9 and m a rk etin gs o f b e e f i n th e l a s t 2 y e a r s have been s u f f i c i e n t t o keep p r i c e s r e l a t i v e l y lo w . D u rin g 1953 and 195b* b e e f p r i c e s s ta y e d w e l l b e lo w th e 1951*52 le v e ls # and a l l in d iv id u a l b e e f p r i c e s t e m p o r a r i ly re a ch e d th e lo w e s t l e v e l s in s e v e r a l y e a rs* f o l l o w in g th e movement o f f e d c a t t l e t o m arket i n la r g e numbers and a t low p r i c e s . B e e f p r i c e s w ere h igh * however* f o r s h o r t p e r io d s as i n add -1953* when th e r e was a tem porary d e c r e a s e i n b e e f s u p p l ie s * w ith s t o r a g e s t o c k s d e c l in in g o v e r 2i t im es th e a v e ra g e f o r th a t tim e o f y e a r . B e e f and v e a l p r i c e s d e c r e a s e d 19*7 p e r c e n t i n 1953# and r o s e o n ly 0*3 p e r c e n t in 195b# r e s u l t in g i n a t o t a l d e c r e a s e o v e r th e 2 y e a r s o f n e a r ly 1 9 i p e r c e n t .

    I n c o n t r a s t w ith b e e f* p o rk p r i c e s d u r in g 1953 a t t im es re a ch e d th e h ig h e s t l e v e l s e v e r r e c o r d e d b y th e Bureau o f L abor S t a t i s t i c s * r e f l e c t i n g th e r e d u c t io n in h og p r o d u c t io n i n 1 9 5 ? and 1953* P r o d u c t io n in c r e a s e d i n 195b* however* a id e d b y th e la r g e a v a i la b le c o r n s u p p l ie s and h ig h hog p r ic e s * and p ork p r i c e s d e c l in e d s u b s t a n t ia l ly a f t e r ad d -195 b* As a r e s u l t o f th e s e changes in su pp ly* p o rk p r i c e s in c r e a s e d a b o u t 1 6 f p e r c e n t in 1953# th en d e c r e a s e d in th e se co n d h a l f o f 195b# f o r a t o t a l in c r e a s e o f 7 p e r c e n t f o r th e 2 y e a r s .

    A lth ou g h th e r e w ere some f lu c t u a t io n s * ch ick e n p r i c e s moved downward a b o u t 25 p e r c e n t d u r in g th e 2 y e a rs* as s u p p l ie s o f com m ercia l b r o i l e r s co n t in u e d t o r i s e t o r e c o r d l e v e l s .

    P r ic e s o f canned f i s h r o s e a b o u t 1 p e rce n t* and f r e s h and f r o z e n f i s h d e c l in e d a b o u t p e r c e n t .

    D a ir y p r o d u c t s . P r ic e s o f d a i r y p r o d u c ts d e c l in e d b .8 p e r c e n t o v e r 1953 and 195b ; a l l in d iv id u a l ite m s in th e grou p d e c r e a s e d . The d e c o n t r o l o f th e s e com m od ities on F ebru ary 18* 1953* had no im m ediate e f f e c t on p r i c e s . B u tte r p r i c e s d e c re a s e d m ost o v e r th e 2 y e a rs (1 5 3 p e r c e n t ) . E vap ora ted m ilk d e c l in e d 6 .7 p e r c e n t ; ch e e se and d e l i v e r e d f r e s h m ilk* betw een 5 and 6 p e r c e n t ; and g r o c e r y f r e s h m ilk* b p e r c e n t .

    M ost o f th e d e c r e a s e s i n th e p r i c e s o f d a ir y p r o d u c ts o c c u r r e d i n e a r ly A p r i l 195b# a f t e r th e U .S . D epartm ent o f A g r ic u lt u r e on A p r i l 1 lo w e re d p r i c e su p p o r ts f o r d a i r y p r o d u c ts s o ld b y fa n n e rs* from 90 p e r c e n t t o 75 p e r c e n t o f p a r i t y . Between m id-M arch and m id -A p r il* th e BIS r e t a i l p i i c e f o r b u t t e r d ropped from 7 8 .b c e n ts t o 7 0 .0 c e n ts a pound* and ch e e se from 5 8 .9 t o 5 7 .7 c e n ts a pou nd . F resh and e v a p o ra te d m ilk * n o t u n der d i r e c t p r i c e su p p o rts* d e c l in e d l e s s than one c e n t in t h i s p e r io d .

    E x te n s iv e s u p p o r t bu y in g b y th e Commodity C r e d it C o rp o ra tio n u n der t h i s program p r o b a b ly p re v e n te d a la r g e r d r o p in b u t t e r p r i c e s . CCC bou g h t 683*899*000 pounds o f b u t t e r d u r in g 1953 and 195b* 3 / S to ra g e s t o c k s o f ch e e se w ere h ig h a l s o .

    P r o d u c t io n o f m ilk and o th e r d a i r y p r o d u c ts has reach ed new h ig h s a s th e r e s u l t o f in c r e a s e s in numbers o f d a i r y c a t t l e and t e c h n o lo g i c a l advances i n d a i r y fa rm in g . From 1952

    3 / S in c e th e p a ssa g e o f th e A g r i c u l t u r a l A c t o f 19b9 w h ich made p r i c e su p p o r ts f o r d s i r y p r o d u c ts m andatory, CCC has bou g h t th e f o l l o w in g amounts o f b u t t e r : 19U9 l i b # 273*000 p ou n d s;1950 1 2 7 *9 0 5 ,0 0 0 pounds? 1951 2 2 1 ,0 0 0 pou n d s; 1952 1 6 ,0 6 5 ,0 0 0 p ou n d s; 1953 3 5 8 ,9 0 8 ,0 0 0 p ou n d s; and 195b 32b*991*000 p ou n d s.

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • - 7 -

    t o 195k, p r o d u c t io n o f b u t t e r (w h ich has s u f f e r e d from c o m p e t i t io n w ith lo w e r p r i c e d m a rg a r in e ) in c r e a s e d more than IS p e r ce n t* Consum ption o f b u t t e r in c r e a s e d a b o u t 5 p e r c e n t d u r in g 195k r e f l e c t i n g m a in ly th e r e d u c t io n in p r ic e * H ow ever, i t i s s t i l l 5*3 p e r c e n t b e lo w th e 1951 l e v e l , and o n ly 12*5 p e r c e n t ab ove m argarin e consum ption f o r 195k* (S in c e 1939 , p e r c a p i t a con su m ption o f m argarin e has jumped from 2*3 t o 8 *0 pou n d s, w hereas b u t t e r consum ption has d e c re a s e d from 17*2 t o 9*0 pou n d s)*

    F r u it s and V e g e ta b le s * P r ic e s o f f r u i t s and v e g e t a b le s d e c l in e d k*5 p e r c e n t betw een Decem ber 1952 and D ecn S er 195k , b u t as i s u s u a l , r o s e t o s e a s o n a l peaks in th e summers o f 1953 and 195k* (S ee c h a r t 2 * ) A l l su bgrou ps o f f r u i t s and v e g e t a b le s d e c l in e d o v e r th e 2 -y e a r p e r io d e x c e p t canned and d r ie d f r u i t s and d r ie d v e g e ta b le s * Lower p r i c e s o f f r e s h v e g e t a b le s i n 1953# r e f l e c t i n g th e la r g e r c r o p s , a cco u n te d f o r m ost o f th e d e c l in e in th e f r u i t s and v e g e t a b le s group* P r ic e s o f f r e s h v e g e t a b le s showed a s m a ll in c r e a s e d u r in g 195k*

    The m a jor in f lu e n c e i n th e f r e s h v e g e t a b le p r i c e d e c l in e in 1953 was a 3 6 *2 -p e r c e n t d ro p in p o t a t o p r i c e s * The p o t a to c r o p was 25 m i l l i o n b u s h e ls la r g e r than th e y e a r b e f o r e , and p r i c e s d e c l in e d a lm o st c o n t in u o u s ly from A u gust 1952 th rou g h January 195U, w ith o u t th e u s u a l r i s e a t m id -y e a r in 1953* I n 195U, when th e p o t a t o c ro p dropped b y 19 m i l l i o n b u s h e ls , p r i c e sr o s e I5 *k p e r ce n t* They w ere lo w e r than i n 1953 th rou gh May, b u t w ere h ig h e r f o r th e rem aindero f th e y e a r and a v era g ed a l i t t l e lo w e r than in 1953 l o r th e y e a r a s a w hole*

    Onion p r i c e s f o l lo w e d a p a t te r n s im i la r t o th a t f o r p o t a t o e s , a s s u p p l ie s were g e n e r a l lyample in 1953 b u t w ere s h a r p ly red u ced i n 195k* B eg in n in g in A p r i l 19 53 , p r i c e s o f s w e e t - p o t a t o e s w ere lo w e r th an a y e a r e a r l i e r * The c r o p i n 1953 was 19 p e r c e n t la r g e r than i n 1952* A lth ou g h s u p p l ie s were s m a lle r i n 195k , demand f o r s w e e tp o ta to e s has b een d e c r e a s in g in r e c e n t y e a rs*

    S u p p lie s o f l e t t u c e and g reen beans w ere p l e n t i f u l * F r ic e s f o r th e 2 y e a r s av erag ed a b o u t th e same f o r l e t t u c e , and a l i t t l e lo w e r f o r g reen beans* However, sh arp f lu c t u a t io n s o c c u r r e d from tim e to t im e , d ep en d in g on l o c a l s u p p lie s * Cabbage p r i c e s moved lo w e r s in c e th e c r o p in 1953 was la r g e r than i n 1952 , and th e r e w ere s t i l l la r g e s t o c k s a v a i la b le a t th e b e g in n in g o f 195k* By th e end o f 195k , p r i c e s w ere in c r e a s in g more than s e a s o n a l ly , as h o ld in g s w ere sm a lle r* C a rro t p r i c e s moved somewhat h ig h e r in v ie w o f a red u ced cro p *

    P r ic e s o f f r e s h tom atoes f lu c t u a t e d w ith a v a i l a b i l i t y o f s u p p lie s * They s t a r t e d th e y e a r 1953 a t a b o u t a 1 0 -p e r c e n t h ig h e r l e v e l than a t th e b e g in n in g o f 1952 , and ended th e y e a r o v e r 20 p e r c e n t ab ove th a t o f Decem ber 1952* By Decem ber 195k> p r i c e s o f f r e s h tom atoes had moved ba ck t o w ith in a b ou t k p e r c e n t o f th e Decem ber 1952 le v e l*

    A verage p r i c e s o f f r e s h f r u i t s d e c re a s e d s l i g h t l y d u r in g 1953 and 195k, p r im a r i ly b e ca u se o f lo w e r p r i c e s o f h ig h ly s e a s o n a l f r u i t s * A f t e r sh arp f lu c t u a t i o n s , o ra n g e s were somewhat h ig h e r in p r i c e a t th e end o f 195U com pared w ith 1952* I n l a t t e r 1952 , s u p p l ie s o f o ra n ges and s t o c k s o f canned ora n ge ju i c e had been s m a lle r than th e y e a r b e fo r e * The 1952 -53 oran ge c r o p , w hich was 2 p e r c e n t la r g e r than th e 1951 -52 c r o p , was l s t e in m atu rin g and d id n o t s t a r t t o m arket u n t i l l a t e O cto b e r 1952* As a r e s u l t , p r i c e s o f f r e s h ora n g e s d e c re a s e d s h a r p ly from O cto b e r 1952 th rou gh January 1953* H ow ever, th e y r o s e 2k*5 p e r c e n t from January th rou g h June. Canned oran ge j u i c e r o s e lk * 7 p e r c e n t from Decem ber 1952 t o O cto b e r 1953# th e b e g in n in g o f th e new can n in g season * P r ic e s o f f r o z e n ora n ge ju i c e c o n c e n t r a te , i n la r g e r su p p ly than a y e a r e a r l i e r , were s t e a d y from Decem ber 1952 th rou g h March 1953 , th en r o s e 19*6 p e r c e n t th rou gh O cto b e r 1953 , w ith m ost o f th e in c r e a s e o c c u r r in g a f t e r J u ly .

    F o llo w in g th e s e r i s e s , p r i c e s o f f r e s h ora n ges d ropped 11*.5 p e r c e n t from June 1953 th rou gh March 195k , as th e new c ro p became a v a i la b le * F rozen oran ge ju i c e p r i c e s d rop p ed 23*0 p e r c e n t from O cto b e r 1953 t o A p r i l 195k and canned ora n ge j u i c e , 8*k p e r c e n t . The 195k summer c r o p o f o ra n ges was s m a ll , h ow ever, and p r i c e s o f f r e s h ora n ges r o s e n e a r ly 50 p e r c e n t t o an a l l t im e h ig h o f 68*9 c e n ts p e r d ozen in Septem ber and O cto b e r 195k* F rozen and canned oran ge ju i c e in c r e a s e d c o n s id e r a b ly l e s s (5 and 10 p e r c e n t th rou gh J u ly and A u gu st, r e s p e c t iv e ly ) * A l l ty p e s o f oran ge p r o d u c ts s t a r t e d a s e a s o n a l d e c l in e i n Novem ber, and b y D ecem ber p r i c e s o f f r e s h o ra n g e s had d rop p ed 30 p e r c e n t from t h e i r p ea k , canned ju i c e 3 p e r c e n t , and f r o z e n ju i c e

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  • - 8 -

    P r ic e s o f a p p le s , w hich had s t a r t e d t o r i s e i n November 1952 , co n t in u e d upward th rou gh J u ly 1953* The in c r e a s e was U 8.5 p e r c e n t , more than th e u s u a l s e a s o n a l r i s e * C o ld -s to r a g e h o ld in g s o f a p p le s on D ecem ber 31# 1952 , were 9 p e r c e n t s m a lle r than a y e a r e a r l i e r , and 22 p e r c e n t b e lo w th e 19U 7-51 average f o r th a t month* A lth ou gh a p p le p r i c e s i n th e f i r s t p a r t o f 1953 were h ig h e r th an in 19 52 , th e y w ere lo w e r d u r in g th e l a t t e r p a r t o f th e y e a r b e ca u se o f in c r e a s e d p r o d u c t io n . I n 195U, w ith la r g e r s u p p l ie s , a p p le p r i c e s moved a p p ro x im a te ly s e a s o n a l ly *

    P r ic e s o f bananas r o s e 3*1 p e r c e n t d u r in g th e 2 -y e a r p e r io d . Im p orts o f bananas were red u ced b y p o l i t i c a l d is tu r b a n c e s in p ro d u c in g c o u n t r ie s , c u t t in g consum ption t o th e lo w e s t l e v e l s in c e 19U6*

    P r ic e s o f f r o z e n and canned f r u i t s and v e g e t a b le s d e c re a s e d s l i g h t l y ( l* U and 0*5 p e r c e n t r e s p e c t i v e ly ) o v e r th e 2 y e a rs* Packs o f f r o z e n f r u i t s and v e g e t a b le s re a ch e d new h ig h s , as f r o z e n fo o d s c o n t in u e d to in c r e a s e in p o p u la r it y * I n 1953-5U , 55 p e r c e n t o f th e oran ge c r o p was s o ld f o r p r o c e s s in g . H ow ever, i n 1953# much p r o c e s s in g o f oran ge j u i c e was done l a t e r i n th e y e a r th an u s u a l , so th a t i t s u s u a l s e a s o n a l d e c r e a s e was d e la y e d and p r i c e s a v era g ed h ig h e r f o r 1953* L ik e w is e , p r i c e s o f canned oran ge ju i c e averaged h ig h e r i n 19 53 , and low er in 195U* P r ic e s o f prun es and d r ie d beans r o s e a lm ost w ith o u t in t e r r u p t io n d u r in g 1953 and 195U, a s s u r p lu s s u p p l ie s w ere e x p o r te d .

    C e re a ls and b a k e ry p r o d u c t s . I n c o n t r a s t t o th e 3 *0 -p e r c e n t d e c r e a s e in f o o d p r i c e s as a w hole d u r in g 1953 and 19*>li, c e r e a l and b a k e ry p r o d u c ts advanced U*8 p e r c e n t t o new r e c o r d h ig h s , c o n t in u in g th e p e r s i s t e n t in c r e a s e s in c e m id -1 9 5 0 . A f t e r OPS d e c o n t r o l l e d p r i c e s o f c e r e a l s and b a k e ry p r o d u c ts (e x c e p t b re a d ) on F ebru ary 2 5 , 1953 , and b rea d on March 5 , 1953 , p r i c e s r o s e a lm o st s t e a d i l y th rou gh Decem ber 195U*

    The m ost im p orta n t f a c t o r in th e subgroup p r i c e r i s e was th e s u b s t a n t ia l advance o f 8 p e r c e n t in b rea d p r i c e s , w ith h ig h e r c o s t s o f m a n u factu rin g and d i s t r i b u t i o n a c c o u n tin g f o r th e m a jor p o r t io n o f th e in c r e a s e . P r ic e s o f sod a c r a c k e r s in c r e a s e d 5*3 p e r c e n t , f l o u r 3*0 p e r c e n t , and v a n i l l a c o o k ie s 2*3 p e r ce n t* B i s c u i t m ix and co m m e a l d e c re a s e d o v e r 3 p e r c e n t , and r i c e d e c re a s e d f r a c t i o n a l l y .

    O th er fo o d s a t home. O ther fo o d s a t home, w hich in c lu d e c o f f e e and o th e r b e v e r a g e s , f a t s and o i l s , su g a r and sw e e ts , e g g s , and o th e r m is c e lla n e o u s f o o d s , w ere s l i g h t l y h ig h e r (1*3 p e r c e n t ) in Decem ber 195U than i n Decem ber 1952 . A 1 3 .1 -p e r c e n t d e c l in e in eg g p r i c e s was more th an o f f s e t b y in c r e a s e s o f 2 1 .5 p e r c e n t f o r c o f f e e , U6 p e r c e n t f o r l a r d , and sm a lle r in c r e a s e s f o r m ost o th e r i t e m s . D uring 1953 , th e in d e x f o r o t h e r fo o d s bou g h t t o be p rep a red a t home in c r e a s e d 2*6 p e r c e n t , as p r a c t i c a l l y a l l com ponent ite m s went up in p r i c e . H a lf o f t h i s in c r e a s e was l o s t in 195U when eg g p r i c e s d e c l in e d d u r in g 9 o f th e 12 months*

    B everage p r i c e s r o s e 18*2 p e r c e n t d u rin g 1953 and 195U m o s t ly b e ca u se o f c o f f e e . C o f fe e p r i c e s r o s e 21*5 p e r c e n t , te a 11*8 , and c o la d r in k s 1 1 *0 .

    C o ffe e p r i c e s had rem ained q u it e s te a d y from th e tim e th e y w ere c o n t r o l l e d b y OPS on January 2 6 , 1951 , u n t i l a f t e r d e c o n t r o l on March 1 2 , 1953* They r o s e a l i t t l e i n March and A p r i l , d e c l in e d th rou gh June, then s p ir a le d upward th rou gh A u gust 195U, w ith r e p o r t s o f f r o s t s and d ro u g h ts in B r a z i l . C o f fe e p r i c e s reach ed an a l l t im e h ig h o f s l i g h t l y more th an $1*23 p e r pound in August 195U, 1*2 p e r c e n t above th e p re -K o re a p r i c e and more than 5 t im e s th e a v erag e p r i c e i n 1 9 3 5 -3 9 .

    B ecause o f th e h ig h p r i c e s , p e o p le s t a r t e d u s in g in s t a n t c o f f e e , t e a , and o th e r s u b s t i t u t e s . As a r e s u l t , te a s a le s in c r e a s e d m ark ed ly , im p o rts o f t e a in c r e a s e d 10^ m i l l i o n pounds in 195U, and a d d i t i o n a l e x p o r t d u t ie s were added b y p ro d u c in g c o u n t r ie s . C o f fe e p r i c e s d e c r e a s e d g r a d u a lly t o a b o u t $ 1 .0 5 p e r pound b y th e end o f th e year* I n Decem ber 195U, th e r e t a i l p r i c e o f c o f f e e was more than 18 c e n t s h ig h e r than i n Decem ber 1952 , t e a n e a r ly k c e n ts h ig h e r , and c o la d r in k s a b ou t 3 c e n t s h ig h e r .

    5 p e r c e n t , a l t h o u g h p r i c e s o f f r o z e n o r a n g e j u i c e w e r e i n c r e a s i n g s l i g h t l y a t t h e e n d o f 1 9 5 U *

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • - 9 -

    P r ic e s o f f a t s and o i l s U / as a g rou p in c r e a s e d 7 p e r c e n t in 1953 and 1951* a lth o u g h th e y were d e c l in in g d u r in g l a t e 1951* J la r d and m argarin e d e c re a s e d 3*5 and 2 .3 p e r c e n t d u r in g 1951*. L a rg e st f a c t o r i n th e 2 -y e a r a v era g e r i s e was th e l* 6 -p e rce n t in c r e a s e in la r d p r i c e s , m ost o f w hich o c c u r r e d p r i o r t o Septem ber 1953*

    A t th e s t a r t o f 1953# th e re were la r g e s t o r a g e s to ck s# h eavy p r o d u c t io n , and low e x p o r ts o f la r d . The r e t a i l p r i c e o f la r d a t 1 6 .1 c e n ts a pound in January 1953 was th e lo w e s t s in c e January 191*2. I t c o n t in u e d downward in F eb ru a ry . As l i g h t e r w e ig h t h ogs w ere m ark eted , and g r e a te r u se was made o f la r d in s h o r te n in g b e ca u se o f th e sp re a d betw een i t s p r i c e and th a t o f v e g e t a b le o i l s , th e p r i c e o f la r d r o s e g e n e r a l ly from March th rou gh Septem ber 1953 , when i t re a ch e d th e h ig h e s t p r i c e s in c e Decem ber 191*8. D uring 1951*, la r d s u p p l ie s w ere th e s m a lle s t s in c e 191*5 and p r i c e s r o s e even f u r t h e r . From Septem ber 1953 th rou gh 1951* th e p r i c e s ta y e d above 25*0 c e n t s p e r pou nd .

    O ver th e 2 y e a r s , s h o r te n in g p r i c e s r o s e n e a r ly 8 p e r c e n t , s a la d d r e s s in g 1* p e r c e n t , and pea n u t b u t t e r a b o u t 3 p e r c e n t , w hereas m argarin e p r i c e s d e c re a s e d o v e r 2 p e r c e n t . H elp in g t o h o ld up p r i c e s w ere th e la r g e s u p p l ie s o f c o t to n s e e d o i l h e ld b y CCC, good e x p o r t demand, and s m a lle r pea n u t s u p p l i e s .

    P r ic e s o f su g a r and sw eets r o s e 5 *1 p e r c e n t in 1953-51* P r in c ip a l cau se o f t h i s r i s e was a 1 7 .9 -p e r c e n t in c r e a s e in p r i c e s o f c h o c o la t e b a r s , due to th e e x p e c t a t io n o f a s h o r t c r o p o f c o co a beans and th e m a rk etin g o f s m a lle r s i z e b a r s . Grape j e l l y p r i c e s r o s e 8.1* p e r c e n t , and c o m sy ru p r o s e s l i g h t l y . Sugar p r i c e s , w h ich moved w ith in a ran ge o f l e s s th an 1 c e n t p e r 5 pounds d u r in g th e 2 y e a r s , w ere 1 .7 p e r c e n t lo w e r in D ecem ber 1951* th an i n Decem ber 19 52 .

    Egg p r i c e s 5 / d e c l in e d 2 2 .1 p e r c e n t d u r in g th e 2 y e a r s , r e f l e c t i n g abundant s u p p l ie s .D u rin g 1951* egg p r i c e s f a i l e d t o show t h e i r norm al s e a s o n a l p a t t e r n . R e t a i l egg p r i c e s d e c l in e d from a b o u t 70 c e n ts a d o ze n i n Decem ber 1952 t o n e a r ly 51* c e n t s i n Decem ber 195U*T h is it e m had a g r e a t e r s i n g le in f lu e n c e on th e dow ntrend o f f o o d p r i c e s th an any o th e r in d iv id u a l com m odity i n th e r e t a i l fo o d p r i c e in d e x . F o llo w in g a s l i g h t r i s e in 1953 , egg p r i c e s in 1951* d e c re a s e d 2 2 .7 p e r c e n t t o th e lo w e s t Decem ber p r i c e s in c e 191*1, and av era g ed th e lo w e s t f o r an y y e a r s in c e 191*5* (S e e c h a r t 2 . )

    A t th e b e g in n in g o f 1953 , eg g p r i c e s w ere c o n t in u in g th e d e c l in e s t a r t e d i n November 1952 , b e ca u se o f th e s e a s o n a l I n c r e a s e i n p r o d u c t io n . A lth ou g h s t o r a g e s t o c k s were w e l l b e lo w th o s e i n th e p r e v io u s y e a r , th e r e was s t i l l a la c k o f demand f o r s t o r a g e . P r o c e s s o r demand s t a r t e d n ea r E a s te r when eg g p r o c e s s o r s w ere cau gh t w ith u n u s u a lly low s t o c k s . From th e F ebru ary low o f 19 53 , p r i c e s co n t in u e d up th rou g h O cto b e r , p a r t l y as a r e s u l t o f h ig h consum ption as consum ers r e s i s t e d h ig h meat p r i c e s ( p a r t i c u l a r l y p o r k ) , th e la r g e amount ta k en b y th e Armed F o r c e s , d iv e r s io n t o r e s o r t a r e a s , low s t o r a g e h o ld in g s , and d e c l in in g s e a s o n a l p r o d u c t io n .

    By November 1953 , eg g p r o d u c t io n s t a r t e d t o in c r e a s e . I n 1951* r e c o r d l e v e l s w ere reach ed as new dev e lop m en ts i n n u t r i t i o n and o th e r ph ases o f p o u l t r y grow in g e n a b le d fa rm ers t o in c r e a s e th e r a te o f la y in g and t o even o u t s e a s o n a l changes in o u tp u t . T o t a l egg p r o d u c t io n i n 1951* n e a r ly d o u b le d th e 19 35 -39 a v e r a g e . The s h i f t from p o rk t o egg con su m ption ended when p ork p r i c e s d e c re a s e d s h a r p ly f o r a b r i e f p e r io d i n l a t e 1953* F ro z e n -e g g p r o c e s s o r s were c a r r y in g burdensom e s u p p l ie s i n c o n t r a s t t o th e 1953 s h o r ta g e s . T hus, in s t e a d o f th e u su a l s e a s o n a l r i s e e a r l y in th e y e a r , eg g p r i c e s d e c l in e d s t e a d i l y from November 1953 th rou g h June 1951*, t o th e lo w e s t l e v e l s in c e June 19 50 .

    F o llo w in g a 16-p e r c e n t r i s e in J u ly and A ugust 1951*, egg p r i c e s d e c re a s e d c o n t r a s e a s o n a lly from A ugust t o Septem ber f o r th e f i r s t tim e on r e c o r d , and co n t in u e d t o d e c l in e a lm o st s t e a d i l y th rough D ecem ber, as s u p p l ie s rem ained la r g e .

    h/ The OPS d e c o n t r o l l e d f a t s and o i l s ( e x c e p t m a rg a r in e ) on F ebru ary 12 , 1953 , and marg a r in e on F ebru ary 18 , 1953*

    5 / Egg p r i c e s w ere d e c o n t r o l le d b y OPS on F ebru ary 1 2 , 1953*

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • - 10 -

    R eta il p rices o f eggs increased in only 3 months duiing 195U* At the year1 s end, production was increasing so rapidly that January 1955 production was expected to break a l l records fo r the month, the U.S. Department o f A griculture was planning to give two m illion pounds o f dried eggs to the National School Lunch Program, and the poultry industry was planning a " January Egg Month promotion.

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • 11

    T a b l e 3 . - I n d e x e s o f R e t a i l P r i c e s o f F o o d i n t h e U n i t e d S t a t e s , b y Y e a r , 1 9 1 3 - 5 4 , a n d b y M o n t h ,J a n u a r y 1 9 5 3 t o D e c e m b e r 1 9 5 4

    Ql9*7-*9 - ioo]

    T o t a l T o t a l T o t a l T o t a l T o t a lY e a r f o o d Y e a r f o o d Y e a r f o o d 1/ Y e a r a n d m o n t h f o o d 1/ Y e a r a n d m o n t h f o o d 1/

    1 9 1 3 - - - - - - - - - - - - - - - - -1911* -------1915 -----1916 ---1917 -----1918 1919----------

    3 9 . 640.54 0 . 04 5 . 0 5 7 . 96 6 . 57 4 . 2

    1 9 2 719281 9 2 91 9 3 0 1 9 3 1 -1 9 3 21 9 3 3

    B y y e a r B y m o n t h

    1 9 5 3 1 9 5 465.56 4 . 865.66 2 . 45 1 . 44 2 . 84 1 . 6

    1 9 4 1 -1 9 4 2 - 1 9 4 3 *1 9 4 4 -1 9 4 5 -1 9 4 6 -1 9 4 7 -

    52.261.368.36 7 . 468.97 9 . 09 5 . 9

    J a n u a r y F e b r u a r y *M a r c h A p r i l - M a y - - - - - - J u n e

    1 1 3 . 11 1 1 . 51 1 1 . 71 1 1 . 5112.11 1 3 . 7

    J a n u a r y F e b r u a r y M a r c h A p r i l - - - - - - - - - - -M a y - - - - - - - - - - - - - - - -J u n e

    1 1 3 . 1112.6112.1 1 1 2 . 4 1 1 3 . 3 113.8

    1920-1921-1922-1 9 2 3 -1 9 2 4 -1 9 2 5 -1926-

    83.663.55 9 . 4

    60.8

    1 9 3 4 1 9 3 5 1 9 3 6 1 9 3 7 1 9 3 8

    65.8 1 9 3 9 *68.0 1 9 4 0 *

    4 6 . 44 9 . 7 50.1 52.14 8 . 4 4 7 . 14 7 . 8

    1 9 4 81 9 4 91 9 5 01 9 5 11 9 5 21 9 5 31 9 5 4

    1 0 4 . 1100.0101.2 112.61 1 4 . 6112.8112.6

    J u l y A u g u s t S e p t e m b e r * O c t o b e r

    N o v e m b e r D e c e m b e r

    113.81 1 4 . 1113.8113.6112.0

    J u l y - - - - - - - - - - -A u g u s t S e p t e m b e r *O c t o b e r N o v e m b e r -

    112. 3 D e c e m b e r *

    1 1 4 . 61 1 3 . 91 1 2 . 4 111.8 111.11 1 0 . 4

    l / B e g i n n i n g J a n u a r y 1 9 5 3 , t h e f o o d i n d e x i n c l u d e s r e s t a u r a n t m e a l s a n d o t h e r f o o d b o u g h t a n d e a t e n a w a y f r o m h o m e .

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • T a b le b . I n d e x e s o f R e t a i l P r i c e s o f F o o d , i n t h e U n it e d S t a t e s l / , b y C om m odity G r o u p , b y Y e a r a n d M o n th , l ? b 7 - 5 b

    ^ T 9 b 7 -b 9 =1 0 0 u n l e s s o t h e r w i s e i n d i c a t e d /

    T o t a l T o t a l C e r e a l s M e a t s , M e a t s F r u i t s a n d v e g e t a b l e s O t h e r f o o d s a t h o m e

    Y e a r a n d f o o d s f o o d s a n d p o u l t r y , B e e f L e g C h i c k - D a i r y F a t s S u g a rm o n t h V a t b a k e r y a n d T o t a l a n d P o r k o f e n s F i s h p r o d u c t s T o t a l F r o z e n f r e s h C a n n e d D r i e d T o t a l B e v e r a n d a n d E g g s

    h o m e p r o d u c t s f i s h 3 / 2/ v e a l l a m b k / y a g e s o i l s s w e e t s

    By Y e a r , 1 9 i i 7 - 1 9 S U y

    1 9 1 , 7 - - - - - - - - - - - - - - - - - 9 5 . 9 9 l i . O 9 3 . 5 9 3 . 6 89.6 1 0 0 . 5 9 0 . 2 9 5 . 1 90.6 9 6 . 7 9 7 . 6 - r n 9 5 . 5 i o i i . 5 1 0 7 . 2 100.1 9 1 . 5 1 0 9 . b 101.8 9 8 . 61 9 1 , 8 - - - - - - - - - - - - - - - - - - l O t l . l _ _ 1 0 3 . U 106.1 106 J i 108.7 1 0 3 . 6 1 0 1 . 1 1 0 5 . 5 1 0 b . 5 1 0 6 . 3 1 0 0 . 5 1 0 0 . 7 99.k l O O . b 1 0 2 . 5 l O O . b 1 0 8 . 3 9 8 . b 1 0 2 . 51 9 1 , 9 - - - - - - - - - - - - - - - - - - 1 0 0 . 0 1 0 2 . 7 1 0 0 . 5 1 0 0 . 0 101.5 9 5 . 9 1 0 3 . 1 9 9 . b 1 0 b . 9 9 6 . 9 1 0 1 . 9 1 0 3 . 7 9 6 - 2 9 2 . 5 9 7 . 5 1 0 8 . 1 8 2 . 2 9 9 . 8 9 8 . 81 9 5 0 - - - - - - - - - - - - - - - - - - 1 0 1 . 2 1 0 l i . 5 1 0 b . 9 1 0 5 . 5 111.7 9 b . 6 1 0 7 . 3 9 5 . 2 1 0 3 . 0 9 5 . 9 9 7 . 6 9 7 . 7 9 1 . 8 9 2 . 9 1 0 1 . 2 1 5 3 . 0 7 9 . 9 1 0 1 . 8 8 5 . 31 9 5 1 - - - - - - - - - - - - - - - - - - 1 1 2 . 6 l l l i . O 1 1 7 . 2 1 1 9 . 5 130.5 1 0 0 . U 1 2 0 . 2 9 9 . 7 1 1 7 . 6 1 0 7 . 0 1 0 6 . 7 1 1 1 . 7 1 0 5 . 9 l O i i . 3 1 0 1 . 6 l l b . 6 1 6 8 . 7 9 3 . 5 1 0 5 . 5 1 0 3 . 81 9 5 2 - - - - - - - - - - - - - - - - - - l l i i . 6 1 1 6 . 8 1 1 6 . 2 l l 8 . l i 1 2 9 . 5 9 9 . 3 1 1 8 . 1 1 0 0 . 1 l i b . 6 1 1 1 . 5 1 1 7 . 2 1 0 2 . f i 123.2 1 0 3 . 0 9 7 . 9 1 0 9 . 3 1 6 9 . 8 7 9 . 3 1 0 6 . b 9 b . 81 9 5 3 - - - - - - - - - - - - - - - - - - 1 1 2 . 8 1 1 2 . 5 1 1 9 . 1 1 0 9 . 9 1 1 0 . 6 1 0 2 . 1 1 1 0 . 5 1 0 b . 3 9 7 . 6 1 1 0 . 3 1 0 9 . 6 1 1 3 . 5 1 0 1 . 2 1 1 6 . 1 1 0 5 . 0 1 0 b . 0 1 1 2 . 2 1 7 b . 5 7 9 . 6 1 0 7 . 6 l O O . b1 9 5 1 , - - - - - - - - - - - - - - - - - - 1 1 2 . 6 1 1 1 . 9 1 2 1 . 9 1 0 8 . 0 1 1 0 . 0 9 8 . 3 1 1 3 . 9 1 0 2 . 5 8 8 . 1 1 1 0 . 8 1 0 6 . 1 1 1 1 . 9 9 9 . 1 1 1 3 . 9 l O i i . O 1 0 8 . 1 l l b . 8 2 0 7 . 3 8 3 . 9 1 0 9 . 8 8 b . 0

    B y M o n t h , 1 9 b 7 - 1 9 5 b 6/

    1 9 b 7

    J a n u a r y - - - - - - - - - - - 9 1 . 0 8 6 . 8 8 5 . 7 8 3 . 8 8 0 . 3 8 8 . 8 8 b * l 9 6 . 5 9 0 . 6 9 8 . 7 9 2 . 0 8 7 . 3 1 0 9 . 2 1 0 9 . 5 95.7 8 7 . 3 1 1 1 . 9 9 9 . 7 8 9 . 2F e b r u a r y 9 0 . 2 - 8 7 . 2 a u . 7 8 3 . 6 7 9 . 9 8 9 . 2 8 3 . 7 9 1 . 6 8 6 . b 9 5 . 1 9 3 . 9 89.8 1 0 8 . 6 1 0 9 . 8 9U .2 8 9 . 5 1 1 1 . 5 1 0 0 . 7 8 3 . 5M a r c h - - - - - - - - - - - - - - - - 9 3 . 8 8 9 . 6 8 9 . l i 8 9 . 0 8 2 . 0 1 0 1 . 1 8 5 . 9 9 2 . 6 8 8 . 8 97.h 9 7 . 7 9 b . 5 1 0 8 . 7 1 1 0 . 3 97.6 9 1 . 5 1 2 1 . b 1 0 1 . 0 8 5 . 8A p r i l - - - - - - - - - - - - - - - - 9 3 . 1 9 2 . 8 8 7 . 2 8 6 . 7 8 1 . 8 9 b . 7 8 b . 6 9 2 . 0 8 7 . 2 9 2 . 9 9 8 . 1 9 5 . 2 1 0 8 . 6 1 0 9 . 7 99.3 9 2 . 8 1 2 6 . 2 1 0 1 . b 8 6 . 6M a y - - - - - - - - - - - - - - - - - - - - 9 2 . 9 9 3 . 3 8 7 . 8 8 7 . 5 8 2 . 9 9 5 . 1 8 5 . 9 9 3 . 3 8 5 . 2 8 9 . 0 1 0 1 . b - 9 9 . 3 1 0 8 . b 1 0 9 . 0 96. S 9 2 . 5 1 1 1 . 1 I O I J 4 8 7 - 9J u n e - - - - - - - - - - 9 b . 3 - 9 3 . 5 9 3 . i i 9 b . 2 9 1 . 0 9 9 . b 9 2 . 9 9 b . 7 8 5 . 1 89. O l O O . b - 9 8 . 6 1 0 6 . 7 1 0 6 . 8 95.1 8 8 . 8 1 0 b . 3 1 0 1 . 6 8 9 . 9J u l y - - - - - - - - - - - - - - 9 5 . 6 - - 9 3 . 8 9 l i . 8 9 5 . 8 9 2 . 9 1 0 0 . 8 9 3 . 7 9 b . b 8 7 . 0 9 2 . 8 9 8 . 9 - 9 6 . 8 1 0 6 . 0 1 0 7 . 2 98.0 8 8 . 5 1 0 0 . 8 1 0 1 . 6 9 9 . 7A u g u s t - - - - - - - - - - 9 7 . 3 9 b . 2 9 8 . 3 1 0 0 . 2 9 6 . 9 1 0 6 . 8 9 5 . 1 9 3 . 7 8 7 . 6 9 5 . b 9 7 . 8 9 5 . 8 l Q b . 2 1 0 7 . 1 9 9 . i i 8 9 . 0 9 8 . 9 1 0 1 . 7 l O l i . 3S e p t e m b e r - - - - - - - - 1 0 0 . 7 9 5 . 5 1 0 3 . 6 1 0 5 . 5 1 0 0 . 8 l i b . 5 1 0 0 . 0 9 9 . b 9 2 . 1 1 0 1 . 3 9 7 . 1 - 9 6 . 0 9 8 . 9 1 0 6 . 2 l O i i . 3 9 1 . 6 9 7 . 8 1 0 2 . b 1 1 5 . 9O c t o b e r - - - - - - - - - - - 9 9 . 8 - 9 7 . 0 1 0 1 . 1 i 1 0 2 . b 9 8 . 2 1 1 2 . 2 9 2 . 7 9 8 . b 9 5 . 7 9 8 . 7 9 6 . 3 9 5 A 9 7 . 6 1 0 3 . 9 1 0 5 . 7 93.k 1 0 5 . 3 1 0 2 . 8 nil .3N o v e m b e r - - - - - - - - - - 1 0 0 . 3 1 0 1 . 6 9 7 . 7 9 7 . 5 9 5 . 2 1 0 2 . 3 9 3 . 0 9 5 . 8 1 0 1 . 0 1 0 3 . 0 9 7 . 7 9 7 . 2 9 8 . b 1 0 2 . b 1 0 5 . 6 9 5 . 3 1 0 8 . 8 1 0 3 . 6 1 1 0 . l iD e c e m b e r - 1 0 2 . b 1 0 3 . 1 9 7 . 8 9 7 . 3 9 5 . 7 1 0 1 . 6 9 0 . 7 9 9 . 0 1 0 1 . 0 1 0 6 . b 1 0 0 . 5 1 0 0 . 6 9 8 . 9 1 0 3 . 9 1 0 9 . 5 9 7 . 2 1 1 5 . 3 1 0 3 . 9 1 1 6 . 0

    191*8J a n u a r y - - - - - - - - - - - - 1 0 3 . 8 _ _ _ 10b . 5 1 0 2 . 2 1 0 1 . 8 1 0 0 . 8 1 0 5 . 2 9 b . 8 1 0 3 . 8 1 0 3 . 8 1 0 6 . 8 1 0 2 . 0 1 0 2 . 3 9 9 . b 1 0 b . b 1 0 5 . 6 9 8 . 9 1 1 6 . 0 1 0 3 . 7 1 0 b . 9F e b r u a r y - - - - - - - - - - 1 0 1 . 3 103.9 9 6 . 8 9 5 . 1 9 6 . 0 9 b . 1 9 1 . 5 1 0 2 . 0 1 0 5 . 2 1 0 6 . 1 1 0 b . 3 - - - - - - - - 1 0 5 . 3 9 9 . 2 1 0 b . 1 9 8 . 9 9 9 . 9 1 0 7 . 6 1 0 0 . 0 9 2 . 9

    M a r c h - - - - - - - - - - - - - - - - 1 0 0 . 2 1 0 3 . b 9 6 . 7 9 5 . 2 9 6 . 1 9 5 . 1 8 8 . 8 1 0 1 . 1 1 0 b . 7 1 0 b . b 1 0 1 . 3 - - - - - - 1 0 1 . 6 9 9 . 2 1 0 3 . 3 9 7 . 9 1 0 0 . 3 1 0 6 . 2 9 8 . 6 9 1 . 5A p r i l - - - - - - - - - - - - - - - - 1 0 2 . 9 1 0 3 . b 1 0 0 . 6 1 0 0 . 1 l O l . b 9 8 . 8 9 5 . 3 1 0 3 . 0 1 0 2 . 6 1 0 6 . 9 1 C 6 . 5 . 1 0 8 . 3 9 8 . b 102.5 9 7 . b 1 0 0 . 1 1 0 6 . 0 9 8 . 2 9 0 . 7M a y - - - - - - - - - - - - - - - - - - - - l O b . b 1 0 3 . 5 1 0 5 . 1 1 0 5 . 5 1 0 7 . 6 1 0 2 . 0 1 0 3 . 9 1 0 b . 9 1 0 1 . 9 1 0 6 . 3 1 0 6 . 8 1 0 8 . 8 98. b 1 0 1 . 7 9 8 . 0 1 0 0 . 2 1 0 8 . 9 9 7 . 9 9 0 . 8J u n e - - - - - - - - - - 1 0 6 . 0 1 0 3 . 6 1 0 9 . 8 1 1 1 . 3 1 1 5 . 2 l O b . l 1 1 1 . 1 1 0 7 . 8 1 0 0 . 0 1 0 6 . 9 1 0 5 . 2 1 0 6 . 8 99.0 1 0 0 . 9 1 0 0 . 0 l O O . b m . i 9 6 . 5 9 5 . bJ u l y 1 0 7 . 3 1 0 3 . b 1 1 2 . 7 l i b . 7 1 1 8 . 1 1 0 8 . 8 1 1 2 . 7 1 0 8 . 7 1 0 0 . 7 1 0 8 . 5 1 0 b . 5 1 0 5 . 8 9 9 . 2 1 0 0 . 9 1 0 2 . 0 1 0 0 . 5 1 1 1 . 2 9 6 . 7 1 0 0 . 3A u g u s t - - - - - - - - - - - - - - 1 0 7 . 2 - - - - - - - - 1 0 3 . 3 l i b . 9 1 1 7 . b 1 2 0 . b l l b . 6 1 0 9 . 2 1 0 7 . 9 1 0 1 . 7 1 0 9 . 6 9 7 . 7 9 7 . 1 9 9 . 2 1 0 1 . 3 1 0 b . 6 1 0 0 . 5 1 0 9 . 6 9 7 . 5 1 0 8 . 2S e p t e m b e r - 1 0 6 . 5 1 0 3 . 3 l i b . 2 1 1 6 . 0 1 1 8 . 1 1 1 5 . b 1 0 5 . 1 1 0 8 . 7 1 0 5 . 2 1 0 6 . b 9 5 . 9 9 b . 6 1 0 0 . C 1 0 1 . 3 1 0 6 . 0 1 0 0 . 7 1 0 9 . 0 9 8 . 0 1 1 1 . 3O c t o b e r - - - - - - - - 1 0 b . 7 1 0 2 . 8 1 1 0 . 2 1 1 0 . 9 1 1 3 . 5 1 0 8 . 9 1 0 2 . 2 , 1 0 5 . 9 1 0 8 . 9 1 0 5 . b 9 b . 8 9 3 . 6 9 9 . 9 9 6 . 8 1 0 7 . 8 1 0 0 . 8 1 0 6 . 9 9 7 . 9 1 1 7 . bN o v e m b e r - - - - - - - - - - 1 0 2 . 7 1 0 2 . 8 . 1 0 6 . 2 1 0 6 . 0 1 1 0 . 3 9 9 . 8 1 0 1 . 0 1 0 b . 1 1 0 9 . 6 1 0 3 . 6 9 2 . 8 9 1 . 2 1 0 0 . 3 9 3 . 8 1 0 8 . 5 !; 101.1 1 0 b . 9 9 8 . 0 1 2 0 . 0B e c e r a b e i - - - - - - - - 1 0 1 . 5 1 0 3 . 0 1 0 3 . 9 1 0 2 . 7 1 0 7 . 3 9 6 . 0 9 7 . 7 1 0 8 . 0 1 0 9 . 6 1 0 3 . b 9 b . 2 9 3 . 0 1 0 0 . 3 9 3 . 5 1 0 3 . 0 ! 1 0 1 . 8 1 0 2 . 2 9 7 . 9 1 0 6 . 7

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • J a n u a r y - - - - - - - - - - - - l O l . b 1 0 3 . 1 1 0 1 . 5 9 9 . 5 1 0 2 . 8 9 b . 6 9 6 . 0 1 0 8 . 5 1 1 0 . 8 1 0 1 . 8 1 0 0 . 5 1 0 1 . 1 1 0 0 . 1 9 2 . 9 1 0 0 . 5 1 0 2 . 2 9 6 . 8 9 8 . 1 1 0 2 . 9F e b r u a r y - - - - - - - - - - 98 .9 1 0 2 . 3 9 5 . 3 9 2 . 6 9 2 . 7 9 1 . ) * 9 3 . 6 1 0 3 . 3 1 0 9 . 3 9 9 . 9 1 0 b . 7 1 0 6 . 6 9 9 . 7 9 1 . 3 9 3 . b 1 0 2 . b 8 8 . 5 9 3 . 6 8 8 . 2M a r c h - - - - - - - - - - - - - - - - 9 9 .8 1 0 2 . 9 9 8 . 8 9 7 . 0 9 6 . 8 9 6 . 1 9 8 . 6 1 0 3 . 3 1 0 8 . 9 9 8 . 8 105.0 1 0 7 . 2 9 9 . b 9 2 . 7 9 3 . c 1 0 2 . 1 8 5 . 9 9 9 . 3 8 8 . 5A p r i l - - - - - - - - l O O . b 1 0 3 . 0 1 0 0 . 9 9 9 . 7 9 8 . 1 9 7 . 5 1 1 1 . 0 1 0 1 * . 5 1 0 7 . 3 9 6 . 0 1 0 7 . 1 1 0 9 . 8 9 8 . 8 9 2 . 8 93.1 1 0 2 . 0 8 3 . 0 9 9 . 7 9 0 . 3

    M a y - - - - - - - - - - - - - - - - - - - - 1 0 0 . 2 1 0 2 . 9 1 0 0 . 0 9 9 - 1 * 9 8 . 9 9k.? 1 1 2 . 9 9 8 . 9 1 0 5 . 3 9 b . 8 1 0 8 . 1 1 1 1 . 2 9 8 . 3 9 2 . 5 93.7 1 0 1 . 5 8 0 . 0 9 9 . 6 9 3 . 3J u n e - - - - - - - - - - - - 1 0 1 . 1 1 0 2 . 7 1 0 3 . 6 1 0 1 * . ) * 1 0 b . 2 1 0 0 . 6 m . i 9 5 . 7 l O b . b 9 b . 5 1 0 6 . 7 1 0 9 . 6 9 7 . 7 9 2 . b 9 b . 9 1 0 1 . 7 7 9 . 2 9 9 . 3 9 7 . 2J u l y - - - - - - - - 9 9 . 9 1 0 2 . 5 1 0 1 . 6 1 0 2 . 2 1 0 3 . 2 9 7 - 7 1 0 8 . 8 9 1 * . 9 1 0 2 . 8 9 b . 6 1 0 2 . 9 1 0 b . 9 9 7 . 0 9 2 . 8 9 5 . 8 1 0 2 . 0 7 8 . 1 9 9 . 7 1 0 0 . 2A u g u s t - - - - - - - - - - 1 0 0 . 3 1 0 2 . 5 1 0 3 . 1 1 0 3 . 5 1 0 3 . 6 1 0 3 . 3 1 0 1 . 5 9 9 . ' * 1 0 3 . 2 9 6 . 0 9 8 . 9 1 0 0 , 2 9 b . 2 9 3 . b 9 9 . 6 1 0 2 . 3 7 9 . 8 9 9 . 3 1 0 9 . 1S e p t e m b e r - 1 0 1 . 1 1 0 2 . 7 1 0 b . 9 1 0 5 . 5 1 0 5 . 1 1 0 6 . 0 1 0 b . 3 9 9 - 9 1 0 b . 2 9 6 . 2 9 7 . 8 9 9 . 1 9 3 . 1 9 3 . 6 1 0 2 . 3 1 0 3 . 3 8 2 . 2 1 0 0 . 0 l i b . 2O c t o b e r - - - - - - - - - - - - 9 9 . 3 1 0 2 . 3 1 0 1 . 2 1 0 1 . 7 l O b . b 9 6 . 7 1 0 0 . 8 9 5 . 8 1 0 2 . 5 9 6 . 9 9 5 . 2 9 5 . 9 9 2 . 5 9 2 . 9 1 0 1 . 3 1 0 b . 7 8 0 . 1 1 0 0 . b 1 1 1 . 9N o v e m b e r - - - - - - 9 9 . U 1 0 2 . U 9 8 . 6 9 8 . 7 1 0 b . 5 8 8 . 3 9 9 . 1 9 5 . 3 1 0 0 - b 9 6 . 8 9 8 . 9 1 0 0 . 9 9 1 . 9 9 1 . b 1 0 2 . b 1 2 9 . 9 7 7 * b 1 0 1 . 2 1 0 2 . 1D e c e m b e r - - - - - - 9 7 . 7 1 0 2 . b 9 6 . 1 9 5 . 9 1 0 3 . 1 8 3 . 0 9 6 . 7 9 3 . 2 9 9 . 9 9 6 . 7 9 7 . 1 9 8 . 6 9 1 . 3 9 1 . 2 9 9 . 3 l b 3 . 2 7 5 . 7 1 0 1 . 1 8 7 . b

    1950J a n u a r y - - - - - - - - 9 7 . 0 1 0 2 , 2 9 b . b 9 5 . 0 1 0 1 . 9 8 2 . 5 9 7 . 5 8 2 . 5 1 0 0 . 3 9 5 . 6 1 0 0 . 3 103.0 9 0 . 1 9 1 . 1 9 5 . 1 l b 6 . 7 7 1 * . 9 1 0 1 . 2 7 b . 8F e b r u a r y - - - - - - - - - - 9 6 . 5 1 0 2 . 3 9 5 . 6 9 6 . 0 1 0 1 . 7 8 5 . 5 9 9 . 3 8 5 . 6 9 8 . 2 9 5 . 3 9 7 . 6 99.0 8 9 . 7 9 0 . 3 9 3 . 5 1 U 8 . 5 7 1 * . 0 1 0 0 . 7 6 9 . 2M a r c h * - - - - - - - - - - 9 7 . 3 1 0 2 . 3 9 8 . 7 9 7 . 7 1 0 2 . 9 8 7 . 7 1 0 2 . 6 9 3 . 6 1 0 0 . 8 9 b . 7 9 5 . 5 - 95.5 8 9 . 7 9 0 . 1 9 5 . 5 1 5 1 . 1 7 l t . l t 1 0 0 . 1 7 3 . bA p r i l * - - - - - - - - - - - - - 9 7 . 7 - - 1 0 2 . b 9 9 . 5 9 8 . 0 1 0 3 . 6 8 6 . 3 1 0 b . 8 9 7 . 5 9 9 . b 9 3 . 3 9 7 . b 98.7 8 9 . 5 9 0 . 1 9 5 . 1 l b 9 . 6 7 5 . 1 9 9 . 0 7 3 . 6

    M a y - - - - - - - - - - - - - - - - 9 8 . 9 1 0 2 . 7 1 0 3 . b 1 0 b . 0 1 0 8 . 8 9 b . b 1 0 9 . 1 9 5 . 7 9 8 . 1 9 2 . 6 9 9 . 0 1 0 1 . 3 8 9 . 3 9 0 . 6 9 3 . 5 l b 6 . 5 7 6 . 3 9 8 . 6 7 0 . 6J u n e - - - - - - - - - - - - - - 1 0 0 , 5 - 1 0 2 . 7 1 0 6 . 1 1 0 7 . 6 1 1 3 . 0 9 7 . 3 1 1 1 . 6 9 6 . 1 9 8 . 8 9 2 . 3 102.5 1 0 6 . ! * 8 9 . 7 9 0 . 6 9 b . 1 1 U 5 . 2 7 7 . 6 9 8 . 6 7 2 . 9J u l y - - - - - - - - - - - - - - - - - - 1 0 3 . 1 1 0 3 . 8 1 1 0 . 1 1 1 2 . 3 1 1 6 . 6 1 0 5 . 2 1 1 2 . 0 9 8 . 5 9 9 . 3 9 3 . 8 1 0 3 . 6 1 0 8 . 0 8 9 . 7 9 0 . 6 9 7 . 7 1 U 8 . U 7 3 . 6 9 9 . b 8 0 . 2A u g u s t - - - - - - - - - - - - - 1 0 3 . 9 1 0 6 . 2 1 1 2 . 2 1 1 3 . 2 1 1 8 . 7 1 0 b . 7 1 1 1 . 1 1 0 5 . 0 1 0 1 . 1 9 5 . 7 9 b . 7 9 3 . ) * 9 1 . 6 9 2 . 6 1 0 5 . 3 1 5 7 . 3 8 5 . 3 1 0 5 . 0 8 9 . 5S e p t e m b e r - - 1 0 b . 0 1 0 7 . 0 1 1 2 , b 1 1 3 . 5 1 1 8 . 5 1 0 6 . 3 1 1 0 . 0 1 0 3 . b l O b . O 9 7 . 0 9 1 . 1 8 7 . 2 9 2 . 8 9 3 . 5 1 0 7 . 7 1 6 0 . 3 8 5 . 8 1 0 b * 9 9 b . bO c t o b e r - - - - - - - 1 0 b . 3 1 0 7 . 2 1 0 9 . 0 1 0 9 . 9 1 1 7 . 6 9 7 . U 1 0 7 . 9 9 7 . 2 1 0 9 . 8 9 9 . 6 9 2 . 9 - 89.0 9 5 . 3 9 6 . 0 l l O . b 1 6 3 . 2 8 1 t . 7 1 0 b . 5 1 0 1 . 3N o v e m b e r - - - - - - l O b . b 1 0 7 . b 1 0 7 . 7 1 0 8 . 9 1 1 7 . b 9 3 . 9 1 1 0 . 0 9 3 . 5 1 1 2 . b 1 0 0 . 1 9 5 . 8 9 2 . 9 9 6 . 1 * 9 8 . 5 1 0 9 . 2 1 5 9 . 3 8 1 * . 7 l O b . b 1 0 0 . 9D e c e m b e r - - - - - - - - - - 1 0 7 . 1 1 0 7 . 5 1 0 9 . 1 1 1 0 . 7 1 2 0 . b 9 3 . 6 1 1 2 . 0 9 3 . 1 1 1 3 . 7 1 0 0 . 7 9 9 . 9 9 8 . 3 9 7 . 7 1 0 1 . 2 1 1 7 . 0 1 6 0 . b 8 7 . 8 1 0 b . 6 1 2 2 . 5

    1 9 5 1

    J a n u a r y - - - - - - - - - - - - 1 0 9 . 9 1 1 2 . 2 1 1 3 . 5 1 1 5 . 8 1 2 6 . 5 9 7 . 9 1 1 3 . 8 9 5 . 7 1 1 5 . 3 1 0 5 . 2 1 0 b . 8 1 1 3 . 5 1 0 b . 3 1 0 1 . 0 1 0 3 . 1 1 1 1 . 2 1 6 6 . 8 9 5 . 0 1 0 5 . 0 ? i * . iF e b r u a r y - - - - - - - - - - 1 1 1 . 9 1 1 3 . 2 1 1 6 . 3 1 1 8 . 3 1 2 9 . 1 1 0 0 . 2 l l 6 . b 1 0 0 . 3 1 1 6 . 2 1 0 6 . 1 1 0 9 . 8 l i b . 2 1 1 0 . 7 103.8 l O b . b 1 1 0 . 3 1 6 7 . 8 9 7 . 8 1 0 5 . 2 88.3

    M a r c h - - - - - - - - - - - - - - - - 1 1 2 . 0 1 1 3 b 1 1 7 . 2 1 1 8 . 6 1 2 9 . 5 1 0 0 . 3 1 1 6 . 8 1 0 3 . 3 1 1 7 . 3 1 0 6 . 2 1 0 6 . 3 l i b . 6 1 0 b . 6 105.0 1 0 b . 7 1 1 2 . 7 1 6 7 . 8 9 8 . 2 1 0 5 . 2 95.9A p r i l - - - - - - - - - - - - - - - 1 1 1 . 7 1 1 3 . 9 1 1 7 . 3 1 1 8 . 8 1 3 0 . 2 9 9 . 5 1 1 8 . 3 1 0 3 . 1 1 1 7 . 5 1 0 6 . 0 1 0 5 . 2 1 1 3 . 5 1 0 2 . b 1 0 6 . 2 1 0 b . 9 1 1 2 . b 1 6 8 . 2 9 8 . 8 1 0 5 . 1 93.9M a y - - - - - - - - - - - - - - - - 1 1 2 . 6 1 1 3 . 9 1 1 7 . b 1 1 8 . 8 129.8 9 9 . 3 1 2 0 . b 1 0 3 . 5 1 1 7 . 9 1 0 5 . 7 1 0 8 . 5 1 1 2 . 8 1 0 7 . b 1 0 6 . 7 l O b . b 1 1 3 . 5 1 6 9 . 1 9 7 . 9 1 0 b . 9 97 j *J u n e - - - - - - - - - - - - - - 1 1 2 . 3 . . . l l b . O 1 1 6 , 9 1 1 9 . 1 1 2 9 . 9 9 9 . 8 1 2 1 . 8 9 9 . 3 1 1 9 . 0 1 0 5 . 9 1 0 7 . 7 1 1 1 . 9 1 0 6 . 0 1 0 7 . 2 1 0 3 . 5 1 1 3 . 8 1 6 9 . 0 9 7 . 1 1 0 5 . 3 9 8 . 8J u l y - - - - - - 1 1 2 . 7 l i b . 3 1 1 7 . 6 1 1 9 . 6 1 3 0 . 5 1 0 0 . 2 1 2 1 . 6 l O l . b 1 1 8 . 0 1 0 6 . 5 1 0 7 . 0 1 1 1 . 9 1 0 5 . 2 1 0 6 . 9 1 0 2 . 0 l i b . 8 1 6 8 . 9 9 3 . 5 1 0 6 . 3 1 0 3 . 9A u g u s t - - - - - - - - - 1 1 2 * b l i b . 2 l l 8 . b 1 2 0 . 6 1 3 0 . 1 * 1 0 3 . 6 1 2 1 . 5 1 0 0 . ? 1 1 9 . 0 1 0 6 . 9 1 0 2 . 3 1 1 1 . 0 9 9 . 1 1 0 b . 3 1 0 1 . 1 1 1 6 . 5 1 6 9 . 0 9 0 . 1 1 0 6 . 5 1 1 0 . 9S e p t e m b e r 112.5 - - - - - - - l i b . 6 1 1 8 . 6 1 2 1 . 1 1 3 0 . 7 l O b . b 1 2 1 . 6 1 0 1 . 3 1 1 8 . 0 1 0 7 . 2 l O O . b l l O . b 9 6 . 9 1 0 3 . 3 9 9 . 9 l l 8 . b 1 6 9 . 0 8 9 . 5 1 0 6 . b 1 1 7 - 5O c t o b e r - - - - - - - - - - - - 1 1 3 . 5 l i b . 6 1 1 9 . 1 1 2 2 . 5 1 3 3 . 3 10b . 2 1 2 2 . 2 9 8 . 0 1 1 8 . 0 1 0 7 . 9 1 0 3 . 2 1 1 0 . b 1 0 1 . 7 1 0 2 . b 9 7 . 9 1 1 8 . 9 1 6 9 . 3 8 9 . 0 1 0 5 . 8 1 1 9 . 5N o v e m b e r - - - - - - l i b . 6 - - - - V- 1 1 5 . 1 1 1 7 . 7 1 2 1 . 5 1 3 3 . 1 * 1 0 0 . 5 123.0 9 5 . 5 1 1 7 . 3 1 0 9 . 2 1 0 9 . 5 1 0 8 . 6 l l l . b 1 0 2 . 3 9 6 . 8 1 1 8 . 5 1 6 9 . 7 8 7 . 8 1 0 5 . 6 1 1 8 . 8D e c e m b e r - - - - - - - - - - 1 1 5 . 0 1 1 5 . 2 1 1 6 . 3 1 1 9 . 8 1 3 3 . 3 9 b . 9 1 2 b . 9 9 b . b 1 1 7 . 3 1 1 0 . 7 1 1 5 . 8 1 0 7 . 6 12i a 1 0 2 . 7 9 7 . 2 l i b . 5 1 6 9 . 8 8 7 . b 1 0 5 * b 1 0 6 . 1 *

    1 9 5 2

    J a n u a r y - - - - - - - - - - - - 1 1 5 . 0 . . . 1 1 5 . 3 1 1 7 . 1 1 1 9 . 1 * 1 3 2 . 9 9k.9 1 2 3 . 6 1 0 0 . 0 1 1 7 . 1 * 1 1 2 . 0 118.2 107.6 1 2 1 * . 8 1 0 2 . 7 9 7 . 0 1 0 9 . 1 1 6 9 . 8 8 6 . 0 1 0 5 . 1 9 0 . 5F e b r u a r y - - - - - - - - - - 112 06 1 1 5 . 5 1 1 6 . 7 118.1 1 3 2 . 1 9 3 . 6 1 1 8 . 9 102.5 1 1 7 . l t 1 1 2 . 7 109.5 1 0 6 . 7 1 1 1 . 2 1 0 2 . 9 9 6 . 9 1 0 5 . 8 1 7 0 . 0 8 3 . 6 1 0 b . 7 8 1 . 8M a r c h - - - - - - - - - - - - 1 1 2 . 7 - - - - - - - 1 1 5 . 7 1 1 5 . 2 1 1 7 . 2 1 3 1 . 5 9 3 . 2 1 1 5 . 1 9 9 . 0 1 1 6 . 1 1 1 2 . 0 113.7 1 0 b . 8 1 1 7 . 8 1 0 3 . 1 9 6 . 1 l O b . b 1 7 0 . 0 8 0 . 7 1 0 b . 2 7 9 . 2A p r i l - - - - - - - - 1 1 3 . 9 1 1 5 . 6 l i l t . 8 1 1 6 . 9 1 3 0 . 9 9 2 . 5 1 1 7 . 9 9 8 . 0 1 1 5 . 7 n o . b m . i 1 0 3 . 6 1 2 9 . i t 1 0 2 . 8 9 6 . 3 1 0 5 . 0 1 7 0 . 1 7 9 . 3 1 0 5 . 3 8 1 . 5M a y - - - - - - - - - - - - - - - - - - - - l i b . 3 1 1 7 . 2 U U . 5 1 1 8 . 5 1 3 0 . 7 9 7 a 1 1 9 . 5 9 1 . 1 1 1 5 . 3 109.3 1 2 i * . 3 1 0 0 . 5 1 3 U . U 1 0 3 . 0 9 6 . 3 l O b . b 1 6 9 . 7 7 7 . 5 1 0 5 . 9 8 0 . 6J u n e l i b . 6 1 1 6 . 9 1 1 6 . 5 1 2 0 . 3 1 3 0 . 7 1 0 2 . 1 1 2 1 . 3 9 b . b l i l t . 9 108.9 1 2 2 . l t 1 0 1 . 9 1 3 1 . 9 1 0 2 . 1 9 6 . b 1 0 5 . 2 1 6 9 . 7 7 7 . 6 1 0 6 . 2 8 3 . 1J u l y - - - - - - - - - - 1 1 6 . 3 1 1 7 . 6 1 1 6 . 1 * 1 1 9 . 5 1 2 9 . 5 1 0 2 . 1 1 2 0 . 8 9 7 . 3 l l l t . 3 1 1 0 . 2 1 2 i * . 0 1 0 2 . 0 1 3 U . 2 1 0 2 . 1 9 7 . 2 1 1 1 . 5 1 6 9 . 6 7 7 . 9 1 0 6 . 8 1 0 2 . 5A u g u s t - 1 1 6 . 6 1 1 7 . 5 1 1 9 . 1 * 1 2 2 . 2 1 2 9 . b 1 1 0 . 3 1 2 1 . 0 1 0 2 . 7 1 1 3 . 5 1 1 1 . 0 1 1 8 . 7 1 0 2 . 8 1 2 5 . 8 1 0 2 . 3 9 8 . 2 1 1 3 . 1 1 6 9 . 7 7 8 . 3 1 0 7 Jk 1 0 6 . 7S e p t e m b e r - - - - - - - - 1 1 5 . b - - - - - - - - 1 1 7 . l i 1 1 9 . 2 1 2 1 . 5 1 2 9 . 8 1 0 7 . 6 120a 1 0 b . 9 1 1 3 . 3 1 1 2 . 5 111.5 1 0 2 . 3 1 1 U . 3 1 0 3 . 3 9 9 . 0 1 1 3 . 7 1 6 9 . 7 7 8 . 2 1 0 7 . 7 1 0 8 . 7O c t o b e r - - - - - - - - 1 1 5 . 0 1 1 7 . 5 1 1 6 . 9 1 1 9 . 5 1 2 7 . 8 1 0 6 . 2 1 1 7 . 2 1 0 0 . 3 1 1 2 . 9 1 1 3 . 2 111.3 1 0 0 . 8 1 1 3 . 9 1 0 3 . 6 9 9 . 5 1 1 5 . 1 1 6 9 . 6 7 8 . 0 1 0 7 . 9 1 1 3 . 3N o v e m b e r - - - - - - - - - - 1 1 5 - 0 1 1 7 . 5 l l l * . 3 1 1 5 . 0 1 2 5 . b 9 7 . 9 1 1 3 . 3 1 0 3 . 8 1 1 2 . 2 1 1 3 . 3 115.9 1 0 0 . 8 1 2 0 . 6 l O b . b 1 0 0 . 9 l i b . 3 1 6 9 . 5 7 7 . 7 1 0 7 . 8 1 1 1 . 0D e c e m b e r - - - - - - - - - - 1 1 3 . 8 1 1 7 . 7 1 1 3 . 0 1 1 2 . 3 1 2 3 . 1 9 b . 7 1 0 8 . 8 1 0 7 . 3 1 1 1 . 5 1 1 2 . 7 115.8 1 0 0 , 0 1 2 0 . U l Q b . 3 1 0 1 . 2 1 1 0 . 6 1 6 9 . 9 7 7 . 5 1 0 7 . 7 9 9 . 1

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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    1 9 5 3

    J a n u a r y - - 1 1 3 . 1 1 1 2 . 9 1 1 7 . 7 1 1 0 . 9 1 1 0 . 7 1 1 7 . 6 9 6 . 6 1 0 U . 6 1 0 2 . 6 l l l . l * 1 1 1 . 6 1 1 6 . 7 9 9 . 9 1 2 1 . 7 i o l t . 5 1 0 1 . 1 * 1 0 9 . 7 1 6 9 . 8 7 7 . 2 1 0 7 . 1 * 9 6 . 1 *F e b r u a r y - - - - - - - - - - 1 1 1 . 5 1 1 1 . 1 1 1 7 . 6 1 0 7 . 7 1 0 7 . 5 1 0 6 . 1 1 0 0 . 0 1 0 2 . 0 9 8 . 8 1 1 0 . 6 1 1 0 . 7 1 1 5 * 9 9 9 . 3 1 2 0 . 1 * 10I 1.7 1 0 1 . 7 1 0 7 . 3 1 6 9 . 8 7 7 . 1 1 0 7 . 3 8 7 . 9

    M a r c h - - - - - - - - - - - - - - - - 1 1 1 . 7 1 1 1 . 3 1 1 7 . 7 1 0 7 . 1 1 0 7 . 0 1 0 1 . 9 1 0 2 . 7 1 0 1 . 6 9 8 . 7 1 1 0 . 5 1 1 0 . 3 1 1 5 * 5 9 8 . 1 * 1 1 9 . 9 1 Q U . 9 1 0 2 . 0 1 0 9 . 1 1 7 0 . 6 7 7 . 5 1 0 7 . 2 9 3 . 3A p r i l - - - - - - - - - - - - - - - - 1 1 1 . 5 1 1 1 . 1 1 1 8 . 0 1 0 6 . 8 1 0 6 . 5 9 9 . 5 1 0 3 . 7 1 0 2 . 3 9 7 . 8 1 1 0 . 5 1 0 9 . 0 115.0 9 8 . 6 1 1 8 . 9 l o l l . 8 1 0 2 . 8 1 1 0 . 1 * 1 7 l . l 7 8 . 2 1 0 7 . U 9 5 . 0M a y - - - - - - - - - - - - - - - - - - - - 1 1 2 . 1 1 1 1 . 7 1 1 8 . U 1 0 9 . 2 1 0 9 . 6 9 8 . 1 1 1 1 . 3 1 0 7 . 0 9 7 . 5 110.5 1 0 7 . 8 1 1 5 . 2 9 8 . 3 1 1 9 . 3 l Q b . 7 1 0 3 . 1 1 1 0 . 3 1 7 3 . 9 7 8 . 7 1 0 7 . 3 9 5 . 0

    1 1 3 . 7 1 1 3 . 7 1 1 8 . 9 1 1 1 . 3 1 1 2 . 9 9 8 . 7 1 1 7 . 9 1 1 1 . 1 9 5 . 0 110.2 1 0 7 . 5 121.7 9 8 . 3 1 2 9 . 8 1 0 1 * . 6 1 0 3 . 7 1 1 0 . 9 1 7 2 . 7 7 8 . 8 1 0 7 . 5 9 7 . 6J u l y - - - - - - - - - - - - - - 1 1 3 . 8 1 1 3 . 8 1 1 9 . 1 1 1 2 . 0 1 1 3 . 2 9 7 . 2 1 2 0 . 5 1 0 7 . 7 9 7 . U 1 1 0 . 3 1 0 8 . 3 1 1 8 . 2 9 9 . 3 1 2 3 . 9 1 0 U . 8 1 0 l * . 9 1 1 2 . 3 1 7 3 . 5 7 8 . 9 1 0 7 . 7 1 0 1 . 6A u g u s t - - - - - - - - - - - - - - 1 1 1 4 . 1 l l l . l 1 1 9 . 5 1 1 U . 1 1 1 5 . 7 1 0 3 . 3 1 2 0 . 7 1 0 8 . 0 9 9 . 1 1 1 0 . 1 1 0 9 . 1 112.7 1 0 3 . 3 l l l i . 3 1 0 5 . 3 1 0 6 . 0 l l l . l 1 7 5 . 7 7 9 . 9 1 0 7 . 8 1 0 7 . 0S e p t e m b e r - - - - - - - - 1 1 3 . 8 1 1 3 . 5 1 2 0 . 3 1 1 3 . 5 1 1 5 . 0 1 0 2 . 8 1 2 0 . 1 * 1 0 2 . 9 9 8 . 5 1 1 0 . 2 1 0 9 . 6 1 0 6 . 6 1 0 5 . 0 1 0 U . 1 1 0 5 . 5 1 0 6 . 5 1 1 6 . 7 1 7 7 . 7 8 2 . 3 1 0 8 . 0 1 1 1 . 9O c t o b e r - - - - - - - - - - - - 1 1 3 . 6 1 1 3 . 3 1 2 0 . 1 * l l l . l 1 1 2 , 3 1 0 1 . 9 1 1 5 . 2 1 0 2 . 7 9 6 . 3 1 1 0 . 2 1 1 0 . 1 1 0 7 . 7 1 0 6 . 1 1 0 5 . 7 1 0 5 . 7 1 0 6 . 1 1 1 7 . l i 1 7 8 . 6 8 1 . 7 1 0 8 . 1 1 1 1 * . 5N o v e m b e r - - - - - - - - - - 1 1 2 . 0 l l l . l * 1 2 0 . 6 1 0 7 . 0 1 0 7 o i * 9 9 . 2 1 0 6 . 9 1 0 1 . 3 9h.9 1 0 9 . 9 110.5 1 0 7 . 1 1 0 6 . 2 1 0 5 . 6 1 0 5 . 2 1 0 l * o 6 111*08 1 7 8 . 5 8 2 . 1 1 0 7 . 8 1 0 5 . 0D e c e m b e r 1 1 2 . 3 1 1 1 . 7 1 2 0 . 9 1 0 7 . 8 1 0 8 . 7 9 8 . 9 1 1 0 . 1 * 1 0 0 . 0 9h.2 1 0 9 . 8 110.3 1 0 9 . 2 1 0 2 . 7 1 0 9 . 0 1 0 1 * . 8 1 0 U . 7 1 1 3 . 5 1 7 8 . 8 8 2 . 9 1 0 7 . 7 9 9 . 8

    1 9 5 1

    J a n u a r y - - 1 1 3 . 1 1 1 2 . 6 1 2 1 . 2 1 1 0 . 2 1 1 2 . 1 9 9 . 0 1 1 7 . 7 1 0 1 , 1 * 9 2 . 2 1 1 0 . 1 109.7 1 1 0 . 8 1 0 2 . 0 1 1 1 . 7 1 0 1 . 8 1 0 5 . 0 1 1 3 . 5 1 8 2 . 7 8 3 . 6 1 0 7 . 7 9 6 . 3F e b r u a r y - - - - - - - - - - 1 1 2 . 6 1 1 2 . 0 1 2 1 . 3 1 0 9 . 7 1 1 1 , 9 9 8 . 2 1 1 7 . 9 1 0 1 . 6 8 9 . 8 1 1 0 . 6 109.0 1 0 8 . 0 9 9 * 0 1 0 7 . 7 1 0 1 . 3 1 0 5 * 2 1 1 L . 0 1 6 9 . 8 8 3 . 0 1 0 7 . 6 9 1 . 2M a r c h - - - - - - - - 1 1 2 . 1 1 1 1 . 1 * 1 2 1 . 2 1 0 9 . 5 1 1 1 . 8 9 7 . 3 1 1 8 . 2 1 0 1 . 9 8 9 . 6 1 1 0 . 8 1 0 8 . 0 1 0 7 . 8 9 5 . 7 1 0 8 . 2 1 0 3 . 5 1 0 5 . 5 1 1 2 , 3 1 9 8 . 0 8 2 . 9 1 0 7 . 6 8 3 . 2A p r i l - - - - - - - - - - - - - - - - 1 1 2 . 1 * 1 1 1 . 8 1 2 1 . 1 110,5 1 1 2 . 6 9 7 . 1 1 1 9 . 9 1 0 6 . 9 9 1 . 2 111.0 1 0 1 . 6 1 1 0 . 0 9 5 . 0 1 1 2 . 1 1 0 2 . 9 1 0 6 . 1 1 1 3 . 6 2 1 0 . 0 8 3 . 2 1 0 7 . 7 7 9 . 8M a y - - - - - - - - - - - - - - - - - - - - 1 1 3 . 3 1 1 2 . 8 1 2 1 . 3 111.0 lli* .C 9 8 . 2 1 2 1 . 8 1 0 7 . U 8 7 . 9 1 1 1 . 5 1 0 3 . 5 1 1 1 . 6 9 9 * 0 1 1 8 . 9 1 0 2 . 9 1 0 6 . 8 1 1 1 . 5 2 1 7 . 3 8 1 . 1 1 0 8 . 1 7 7 . 2J u n e - - - - - - - - - - - - - - - - - - 1 1 3 . 8 1 1 3 . 3 1 2 1 . 3 111.1 1 1 3 . 7 9 8 . 8 1 2 0 . 8 1 0 6 . 1 8 9 . 2 1 1 1 . 7 1 0 2 . 9 1 1 7 * 1 1 0 0 . 7 1 2 2 . 3 1 0 3 . 8 1 0 8 . 1 1 1 5 * 2 2 2 1 . 8 8 1 . 1 1 0 9 . 1 7 6 . 1J u l y - ------------- 1 1 1 * . 6 1 1 1 * . 2 1 2 1 . 6 109.7 1 1 1 . 7 9 8 . 2 1 1 7 . 0 1 0 5 . 0 9 0 . 1 1 1 1 . 5 l Q l i . 3 1 2 0 . 1 1 0 0 . 8 1 2 6 . 8 1 0 1 . 3 1 0 9 . 0 1 1 7 . 3 2 2 ^ . 0 8 1 . 5 1 0 9 . 7 8 1 . 5A u g u s t - 1 1 3 . 9 1 1 3 . 3 1 2 2 . 3 1 0 7 . 6 1 0 9 . 0 9 7 . 1 1 1 2 . 9 1 0 0 . 2 9 0 . 7 1 1 1 . 0 1 0 5 . 1 1 1 1 . 7 1 0 0 . 6 1 1 7 . 9 1 0 1 . 7 1 0 9 . 5 1 1 9 . 6 2 2 5 . 5 8 1 . 9 1 1 0 . 1 8 8 . 5S e p t e m b e r - - - - - - - 1 1 2 . 1 * 1 1 1 . 6 1 2 2 . 6 1 0 6 . 7 1 0 8 . 2 9 8 . 1 1 1 0 . 5 1 0 0 . 3 8 9 . 1 1 1 0 . 7 1 0 5 . 8 1 1 0 . 5 9 9 . 9 1 1 1 . 3 1 0 1 . 5 1 0 9 . 6 1 1 6 . 0 2 0 9 . 2 8 5 . 1 1 1 1 . 2 8 5 . 1O c t o b e r - - - - - - 1 1 1 . 8 U O .9 1 2 2 . 7 1 0 3 . 9 1 0 5 . 8 9 8 . 5 1 0 5 . 3 9 9 . 5 8 3 . 0 n o . 8 1 0 6 . 7 111.1 9 9 * 1 1 1 2 . 2 1 0 1 . 5 1 0 9 . 7 1 1 5 . 7 2 0 7 . 2 8 1 . 6 1 1 2 . 1 8 5 . 6N o v e m b e r - - - - - - - - - - 111.1 1 1 0 . 1 1 2 3 . 1 1 0 3 . 5 1 0 5 . 3 9 9 . 5 1 0 3 . 3 1 0 0 . 8 8 3 . 7 109.8 1 0 6 . 6 1 0 9 . 6 9 8 . 2 1 1 0 . 1 101.0 1 1 0 . 9 1 1 3 . 7 2 0 0 . 5 8 3 . 1 1 1 2 . 9 8 3 . 3D e c e m b e r - - - - - - - - - - 1 1 0 . 1 ; 1 0 9 . 2 1 2 3 . 3 1 0 2 . 2 1 0 ) 4 . 3 9 9 . 2 1 0 1 . 6 9 9 . 3 8 0 . 7 109.8 1 0 6 . 8 1 0 8 . 1 9 8 . 6 1 0 8 . 2 1 0 3 . 8 112.2 1 1 2 . 0 2 0 0 . 9 8 2 . 9 1 1 3 . 2 7 6 . 9

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    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

  • 15

    Table 5*C lassification of Retail Food Items by Percent Change in Price for Selected Periods

    Percent Change From December 1952 to December 195U

    10.0$6 and over + $.006 to + 9.906 + 1.006 to + h.9% + 0.906 to - 0.906Lard U6.8 Navy beans 9.3 Tomatoes, fresh U.6 Salmon, pink, Cabbage _1.2 Tomatoes, canned -5.0 Veal cutlets - 10.0Coffee 21.1 Pork chops + 9.1 Flour 3.0 canned + 0.8 Gelatin - 1.3 Strawberries, Butter - 11.0Chocolate Bread 8.0 Oranges 3.0 Corn syrup + 0.8 Sugar - 1.5 frozen - 5.7 Frankfurters - 11.3

    bar 15.9 Shortening, Salad dressing 3.0 Corn flakes + 0.5 Peas, frozen - 1.5 Cheese 7.5 Rib roast - 13.0Prunes,dried 12.7 hydrogenated + 7.8 Bananas 2.9 Pineapple, Baby foods - 1.6 Lamb, leg 8.7 Round steak - 1U.0Orange Juice, Grape je l ly + 6.8 Vanilla cookies 2.3 canned 0.5 Catsup - 2.8 Milk, evaporated -8.7 Eggs - 22.U

    canned + 11.3 Soda crackers + 5.3 Peanut butter * 2.1 Peas, canned - 0.2 Apples - 2.8 Lettuce * 8.9 Chuck roast - 23.3Cola drinks 11.0 Pickles 1.6 Orange ju ice , Margarine - 2.9 Beans, green, Sweet potatoes -2U.6Bacon + 10.7 Fruit cocktail + 1.6 concentrate - o.U Milk, fresh, fresh 9.6 FryingTea 10.6 Beans with pork 1.5 Luncheon meat, delivered - 3.0 Corn, canned 9.8 chickens - 2U.6

    Tuna fish , canned - 0.5 Peaches, canned - 3.0 Potatoes - 27.0canned + l.U Beans, green, Corn meal - 3.1 Hamburger - 28.8

    Rolled oats + 1.0 frozen - 0.5 Biscuit mix - 3.U Onions - 30.0Ham, whole + 1.0 Rice - 0.6 Milk, fresh,

    Vegetable soup - 0.6 grocery - 3.9Ice cream - 3.9Fish, fresh,

    frozen - U.lCarrots - U.7

    * 1.006 to - U.906 5.0 06 to - 9.906 * 10.006 and over

    Percent Change From December 1952 to December 1953Lard Bacon Tomatoes,

    fresh Pork chops Orange ju ice ,

    canned + 11.7 Orange ju ice ,

    concentrate* 10.1*

    50.1 23.5

    * 22.0* lli.7

    Ham, whole Cola drinks Soda crackers Coffee Oranges Shortening,

    hydrogenated

    + 9.9+ 6.0 5.6 5.1 5.2

    5.1

    BreadPrunes, dried Navy beans Bananas RiceGrape je l ly Luncheon meat,

    cannedSalad dressing Pickles Tuna f ish ,

    canned Tea FlourFruit cocktail

    + U.6 3.8 3.2 + 3.1 + 3.0 + 2.9

    M 2.5 1.9

    + 1.8 l.U 1.3 + 1.3

    EggsCorn flakes Carrots Rolled oats ApplesVanilla cookie Pineapple,

    canned Corn syrup Beans, green,

    frozenBeans with pork Margarine Peanut butter Vegetable soup Chocolate bar Gelatin Peas, canned Baby foods

    + 0.7 Sugar - 1.0 Milk,evaporated - 5.0 Veal cutlets - 10.0+ 0.5 Ice cream - l.U Tomatoes,canned - 5.7 Beans, green, 0.5 Biscuit mix - 1.7 Lamb, leg - 8.1 fresh - 12.0+ o.U Milk, fresh, Frankfurters - 8.5 Frying o.U delivered - 1.7 chickens - 12.2 0.3 Butter - 1.9 Lettuce - 12.2

    Corn, canned - 1.9 Cabbage - 1U.5+ 0.3 Milk, fresh, Rib roest - lU.6+ 0.3 grocery - 2.0 Round steak - 15.9

    Peaches, canned - 2.2 Sweet 0.2 Corn meal - 2.7 potatoes - 22.30 Salmon, pink, Chuck roast - 23.90 canned - 2.7 Hamburger - 26.0

    0 Cheese - 2.7 Potatoes - 36.0- 0.2 Catsup - 2.7 Onions - U3.6- 0.2 Fish, fresh,- o.U frozen - 3.1- 0.7 Peas, frozen - 3.1- 0.7 Strawberries - U.6

    Percent Change From December 1953 to December 195U

    Onions 2U.1 Tea 9.1 Cola drinks 4 U.7 Chuck roast 0.9Chocolate Prunes, dried 8.6 Lettuce 3.9 Tomatoes, canned 0.7

    bar 16.1 Navy beans 5.9 Grape Jelly 4 3.8 Rolled oats 0.5Cabbage + 15.5 Salmon, pink, Peas, canned 0.5Coffee + 15.0 canned 4 3.6 Corn syrup + 0.5Potatoes 1U.1 Bread 4 3.2 Salad dressing + o.U

    Beans, green, Fruit cocktail + 0.3fresh 4 2.6 Pineapple,

    Shortening, canned + 0.2hydrogenated 4 2.5 Corn flakes + 0.1

    Round steak 4 2.2 Veal cutlets 0Peanut butter 4 2.1 Catsup - 0.1Vanilla cookies 2.0 Bananas - 0.2Rib roast 4 1.9 Soda crackers - 0.3Peas, frozen 4 1.7 Pickles - 0.3Flour 4 1.6 Corn meal - 0.UBeans with pork 4 1.5 Tuna fish,canned- O.UCelery 4 1.3 Orange ju ice ,

    cannedVegetable soup Sugar Lamb, leg Beans, green,

    frozenPeaches, canned Baty foods Gelatin

    O.U O.U 0.6 0.7

    0.7 0.8 0.9 0.9

    Fish, fresh, frozen

    Strawberries, frozen

    Milk, fresh, delivered

    Biscuit mix Milk, fresh,

    grocery Lemons Oranges LardIce cream Margarine Luncheon meat,

    cannedSweet potatoesFrankfurtersApplesRiceHamburger Milk,evaporated Pork chops

    l.U1.7

    1.91.9 2.1 2.22.52.9

    2.93.03.13.23.53.83.9 U.9

    Cheese Carrots Corn, canned Ham, whole ButterOrange ju ice ,

    concentrate

    - 5.0- 5.2- 8.0 - 8.1- 9.3

    - 9.

    BaconFrying

    chickensTomatoes,

    freshEggs

    - 10.U- 1U.3

    1U.3 22.9

    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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