This Week In Business - C&EN Global Enterprise (ACS Publications)

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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

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,

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98-

98-

Chemicals and Allied Products 94-

90

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ι

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1—π

D J F M A Source: Bureau of Labor Statistics

90

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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

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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

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