And while plenty of jobs might be created, inflation would jump.

And inflation in services jumped from 3.4% in March to 3.7% last month, well above the 2.8% in the euro area.

When inflation jumped in the summer of 1971, Nixon didn't fool around with balanced budgets, tight money, or other conservative nostrums; he slapped on wage and price controls.

Following the economic measures taken, which were not accompanied by reduced government budgets, the inflation jumped from 34 percent in 1977 to 131 percent in 1980.

The Government hopes that after inflation jumps in early January, it will level off to a few percent a month by summer.

Federal Reserve officials are tilting toward raising rates because they are concerned that inflation has jumped to a 4 percent rate in recent months.

Japan's inflation jumped to 4.2% in the year to November, the fastest rate since 1981.

LEAD: Yugoslavia's inflation jumped to 290 percent last month, official figures showed today.

The question on economists' minds is whether inflation has indeed jumped into a higher range or only poses a potential threat.

And when inflation jumps to 4 to 5 percent, the ratio drops to 14.8, on average.