Inflation slows pace in May as purchasing power fails
May CPI shows consumer prices up 0.6 percent while meat prices edge down for the first time in five months. Still, buying power declines 0.3 percent for workers and overall prices run 5.5 percent higher than a year ago.
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America
Stein sets tone for Phase IV economic controls
Washington UPI Herbert Stein chair of the Council of Economic Advisers outlined a new post-freeze stabilizing system Phase IV. He said food price increases must be very small once the price freeze ends and that retail gasoline prices will receive similar government control. He released a 12 page paper The Freeze and After to clarify administration tactics and future steps.
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UPI
Herbert Stein
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Economic freeze debated as Phase IV readies
Nixon aides discuss a temporary wage and price freeze, expected to last up to 60 days from June 13 with possible piecemeal lifting. Phase IV measures are being prepared for quick announcement while some sectors may have price freedom amid inflation concerns. Nader group cites 11 deaths linked to Pertussin Night-Time Medicated Vaporizer and urges FDA action.
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Chesebrough Ponds Inc
Richmond
Texas
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Warner Lambert
Chesebrough Ponds
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Mexican air crash claims 23 lives in Pacific peak
Rescue teams reached the wreckage of a DC9 Aero-Mexican airliner near a rugged Pacific coast peak but found no survivors among 23 passengers and four crew. Fourteen of the victims were Americans. Authorities opened an investigation into why the Houston to Mexico City flight slammed into the mountain during approach. Bodies were carried down to a mule trail to the nearest village Congregacion del Refugio.
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UPI
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Ulster violence claims two British soldiers in Belfast
In Northern Ireland a booby trap bomb killed two British soldiers and wounded five others as a day of scattered bombing and shooting across the province left at least six more injured. The toll since August 1969 reaches 829 dead among Catholics, Protestants, and security forces.
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Belfast
UPI
Northern Ireland
Sister of Spain's PM shot in Madrid
A neighbor wounded Maria Dolores Carrero, sister of Spain's new prime minister Admiral Luis Carrero Blanco, in a downtown Madrid building. Doctors said her condition is improving and not believed to be politically motivated.
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Madrid
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Luis Carrero Blanco
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