PRICE EMERGENCY No.1 PRICE EMERGENCY IN THE EARLY MONTHS OF 1942, WHILE SEVERAL URGENT RATIONING PROBLEMS WERE BEING MET, PRICE INCREASES THREATENED. OPA WAS FORCED TO PREPARE BROAD PRICE CONTROL PROGRAMS. 1 Experts had to be employed in 2 Advisory Councils of business AN ORGANIZATION HAD TO BE PULLED PRICE EMERGENCY No.1 GMPR RETAIL PRICES WERE GOING UP FAST To check them, on April 28th an emergency price regulation was issued freezing prices of 8,000,000 items. Prices of all manufacturing.wholesale and retail establishments throughout the country were covered. The "freeze" was at the highest levels of the Month of March, 1942 This was known as the GENERAL MAXIMUM PRICE REGULATION PRICE EMERGENCY No.2 RENT CONTROL Rents were climbing fast, too. So, between June and November.. 287 separate rent offices were opened. 5800 employees were trained_ 9,200,000 landlords were registered. • RENT CONTROL REGULATIONS WERE PUT INTO EFFECT PRICE EMERGENCY No.3 THE STABILIZATION ACT Despite the GENERAL MAXIMUM PRICE REGULATION issued April 28th prices continued to climb. • Wages and farm prices moved upward forcing continuous amendments and additions to regulations. On October 2nd, 1942 Congress passed the STABILIZATION ACT. It sought to stabilize wages and prices. It brought farm prices under more effective control. PRICE EMERGENCY No.4 PRICES CONTINUE UPWARD Despite the STABILIZATION ACT prices continued to rise. • During the winter fresh fruit and vegetable prices (not under OPA control) rose 58 percent. Fresh fruit and vegetable costs form 81⁄2 percent of the total cost of living index and 21 percent of family food costs. Three-fifths of the rise in the living cost index during the winter of 1942-1943 was due to a rise in fresh fruit and vegetable prices More adequate measures were urgently needed. |