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NZPA-NYT New York Some forecasters have been saying that a 10 per cent drop in the U.S. dollar could add as much as two percentage points to the American inflation rate by raising the cost of imports, whicb would in turn would put upward pressure on domestic prices and, ultimately, wages. Now the U.S. dollar has actually declined 9.9 per cent from its March, 1985, peak, according to the Federal Reserve Board index of major currencies.
“But don’t worry,” says Mr James Annable, chief domestic economist at the First National Bank of Chicago,"the inflation jitters are unfounded.”
“The rules of thumb that applied in the 1970 s don’t apply in the 1980 s,” he said. Big wage escalators in major industries have fallen by the wayside, thanks to the last bout of recession and high unemployment
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Press, 1 April 1985, Page 32
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140$US down 10 p.c. Press, 1 April 1985, Page 32
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