Even though modified price control has been restored for a limited period, e are all conscious of upward pressures on prices. Despite all our controls during the war period, these pressures on prices. Despite all our controls during the war period, these pressuress had already produced a rise in the cost of living as 35 percent by July of this year. Are we in for a lot more? It is the purposeof this article to review the inflationary and counter-inflationary factors taht will operate in the period ahead.