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Where is inflation headed under Ronald Reagan? One favorable sign: Gold prices dropped sharply in the wake of Reagan's election. Some gold bugs appear convinced that a GOP White House will take the steam out of rising prices.

However, officials still look for double-digit price increases during 1981. Food costs, for example, are expected to climb 10 to 15 percent. It could be 1982 before the impact of Reagan's election shows up in the marketplace.

Economists say Reagan might be wise to move fast. He may need all his early-term momentum to carry out hard-nosed anti-inflation policies.m


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