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Chicago Fed Letter, No. 23, July 1989
Fuel and Food: the Good, Bad and the Long-run

Increasing demand has combined with temporary disruptions of supply and OPEC's renewed effort to assert greater control over world oil supplies. The result: Consumer prices for oil-based products have moved sharply higher. Food prices also rose at a robust pace recently. That surge is largely in response to curtailed supplies after last summer's drought.

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