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48 Fed. Res. Bull. 1 (1962)

handle is hein.journals/fedred48 and id is 1 raw text is: Stability in Prices INDUSTRIAL COMMODITY MARKETS were more competitive in 1961 than in earlier postwar periods of business expansion. Prices of some commodities advanced, but prices of others declined because of larger productive capacity and of greater competi- tion from foreign supplies of goods. While industrial production in December was up one-eighth from the recession low reached in February, industrial commodity prices as a group were a little lower than they were in early 1961. Moreover, their level was only slightly above the high reached in 1957. In the corresponding period of recovery after the 1957-58 recession, in contrast, in- dustrial commodity prices advanced nearly 2 per cent. At that time there were increases not only in prices of materials that are typi- cally sensitive to business fluctuations, but also in prices of steel mill products and many finished metal products in response to de- layed increases in costs growing out of the in- flation that accompanied the 1955-57 boom. Fluctuations in prices of foods in recent years have reflected other influences more than short-run changes in industrial activity. Mainly as a result of larger output and mar- ketings, prices of livestock and products were a little lower in late 1961 than a year earlier. Meanwhile, prices of crops increased mod- erately as Federal price support levels were generally raised. Toward the end of 1961 average wholesale prices of food commodi- ties were somewhat lower than in late 1960. The consumer price index rose less than 1 per cent in 1961. Retail prices of com- modities late in the year averaged about the same as a year earlier, with foods down slightly and other goods up somewhat. Av- erage prices of consumer sbrvices continued to rise, but the increase of 1.5 per cent was the smallest of any postwar year. PRICIS 120 WHOLESALE ~INDUSTRIAL NOEA.Based on Bureau of Labor Statistics data, shifted t(, 1953-54=100. Latest figures shown, December estimates. INDUSTRIAL PRICES IN CURRENT EXPANSION Along with the upturn in business activity, average prices began to rise for such cycli- cally sensitive materials as steel scrap, lum- ber, rubber, and hides. As shown in the chart on the following page, the index of

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