Will the first great test of Jimmy Carter's anti-inflation guidelines be posed by candy bars? At his press conference last week, the President was asked if he would "put the bite on" Hershey Foods Corp. for raising the prices of its chocolate bars, peanut cups, candy kisses and other products an average of about 9%. Carter solemnly replied that if the increase did indeed exceed his standards, he would "disapprove it strongly. We do have some persuasion that we can exercise."

Hershey insisted that it had not busted the guidelines, which call for firms to hold price boosts half a point below the average of the increases they posted in 1976 and 1977. With Hershey, comparisons are tough because the size of its bars has changed. The company is now raising the price of its basic milk-chocolate bar from 20-c- to 25-c-, but also increasing the weight of each bar by 14%, so that the price increase on each launchable ounce is 9.3%. That, says Hershey, compares with three price boosts per ounce of bar weight of, respectively, 18.4%, 12.8% and 14.1% in the past two years, the base period for guideline comparisons. Reasons for the hikes: cocoa-bean prices have almost tripled since 1975, while costs have also risen for other ingredients, including (Carter, hear this) peanuts.

If Washington decides to say nuts to the increase, it is not clear what "persuasion" it can apply. Stop buying Hershey bars for post exchanges, perhaps?

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