The pace - and the price - accelerated, breaking the $2,000 mark, then $2,500.

At the same time, Mr. Greenspan observed that prices "accelerated only slightly" during the nation's strong economic growth in 1987 and 1988.

Then prices accelerated again as the year ended.

In intermediate goods, prices of nondurable factory materials, such as chemicals, accelerated 2.5 percent, quadruple the March increase.

In transportation, airline fares reversed course to jump 2.3 percent, and prices accelerated for new motor vehicles.

But as consumer inflation slowed a bit, wholesale prices accelerated last month.

Its low prices and increasing selection of goods from other merchants have accelerated its growth in North America.

But, the price of wood pulp accelerated, jumping 5.3 percent after advancing 2.9 percent in June.

The price of containers accelerated to a 3.9 percent increase last month from 1.9 percent, with aluminum cans soaring 19.6 percent.

"Some members saw underlying inflation as relatively stable and put low odds on the probability that prices now were accelerating," the minutes recounted.