Inflation? Not Yet

Of great significance to the common fear of coming inflation is a table of stocks of basic commodities as of January 1,1923, in the bulletin of the New York Reserve Bank. Compared with January 1, 1922, much smaller stocks were reported of anthracite and bituminous coal, cement, brick, wood pulp, skins, leather, cotton, lamb. Larger stocks were reported in crude petroleum, kerosene, gasoline, beef, pork. Until stocks of commodities generally increase, it may be concluded that consumption is keeping pace with production, and that in consequence inflation is not yet upon us.