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§1. the outset of an inquiry into the rise of prices it may be well to put on record a few leading and generally admitted facts.

From 1873 to 1895, a large and fairly continuous fall of wholesale and of retail prices took place in Great Britain.

From 1896 to the present time a considerable, though less regular, rise both of wholesale and of retail prices has taken place. The rate of increase has been faster since 1905. The rise in retail prices, as indicated by cost of foods, has been closely correspondent with the rise of wholesale prices.

From 1873, a year of high wages, until 1895, money wages made no considerable change. They fell considerably in the ’seventies, and rose considerably in the ’eighties, remaining pretty