Show A Study In Relativity Consumer reaction to in inflation inflation inflation in- in sometimes mes presents a afine afine afine fine study in relativity Thus most of us remain comparatively comparatively ti vely undisturbed when we must pay inflated prices for various goods or services that appeal to our vanity or add to our already high standard of living THIS APP APPARENTLY Y Is be because because because be- be cause we have become accustomed accustomed accustomed tomed to paying less and less for necessities in proportion to our total income Food is isa isa isa a case in point Relatively we pay less for food than at anytime in the past and yet the food industry from the farm to the dinner table is suspect when it is forced to pass along inflationary co cost s t increases over which It has no control MARTIN R R. R Gainsbrugh chief economist for the National industrial In Industrial Industrial in- in Conference Board re reveals reveals reveals re- re basic facts about the food industry that cannot be shrugged shrugged shrugged shrug shrug- ged off He says Today roday somewhat somewhat some some- what less than 16 per cent of the typical family's total outlay goes to the food store compared to about 18 per cent a decade ago Mr Gainsbrugh c cites I t e s specific examples of ot what this means in terms of work required to purchase fixed quantities of various food items In 1956 the average worker had to spend slightly over 27 minutes at his Job to earn enough to buy a pound of ot round steak In 1966 it was only minutes Measured in a similar manner the cost of a quart of milk dropped from 7 to 55 minutes a pound of butter from 22 to 18 minutes and a dozen eggs from roughly 18 to 13 min min- utes as Mr Gainsbrugh Gainsbrugh Gainsbrugh Gains Gains- brugh points out these figures tend to understate the case since the nations nation's diet is Is' also im im- im proving With Increased earnings earnings earnings earn earn- ings housewives are reaching up for better quality and for more desirable food products In their own self interest consumers should go slow in backing proposals that would cripple our free market system system te tem m and take away the right of free choice in the marketplace In other nations anywhere from 25 to 60 per cent of family in income income income in- in come goes to buy food I |