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OCR Page 1 of 61THE PRESIDENT HAS SEEN
as information item only. of
JUNZ3
THE WHITE HOUSE
WASHINGTON
ACTI
O
June. 22, 1972
RATIVELY CONFIDENTIAL
DUM FOR:
THE PRESIDENT
GEORGE SHULTZ
Chairman of the Cost of
Living Council
Food Prices
tail food prices are an escalating public issue.
They 1
sent a serious impediment to reaching the goal
of 2-3
to of increase in inflation by the end of the
ional news media are again reporting on expected
food price increases and speculating on what the President,
Cost of Living Council or the Price Commission might do.
retail food chains are passing the word to consumer
that food prices at retail will be going up due to
increases in wholesale food prices, particularly meat
/
in May.
/
number of actions might be taken, with varying impact on
retail food prices, to improve the prospect for reaching
the stated goal of 2-3% inflation, to demonstrate to the
public the President's concern about rising food prices,
and to help improve public understanding of the problem.
177 CKGROUND
1. Recent Price Behavior
Except for March and April farm product prices have
increased every month since September 1971 (Tab A).
Average prices for farm products are up 9% since the
August 1971 level. Most of the increase in farm
product prices has been in livestock product prices,
which are up 10% since August (the meat animal
component of livestock product prices has increased
by 18% since August) . In May, increasing farm and
food prices accounted for 64% of the overall increase
in the Wholesale Price Index.
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