31.   Analysts said that reflected in part that French inflation is lower than German inflation.

32.   Analysts said concern over U.S. interest rates was partially offset by reports showing inflation is not a problem in Europe.

33.   Analysts said the report was in line with other recent government statistics that suggest inflation is still benign.

34.   Analysts said the drop was tempered by expectations for a report tomorrow showing inflation is subdued.

35.   And a third, majority group, represented by Roach, insists that rising inflation is the issue.

36.   And I understand that inflation would be a terrible disaster.

37.   Analysts in the City disagreed, seeing the survey as the latest evidence indicating that higher inflation is on the way unless base rates increase.

38.   And from that vantage point, inflation is no concern at all.

39.   And because recessions cut corporate profits, inflation is the enemy of stockholders.