Comes now another sign that the government has notices inflation.

If the Civil Aeronautics Board has its way, the nation's domestic airlines will have to raise the ceiling on how much they will pay on a claim for lost luggage from $750 to $1,000.

The board's logic, presented in the Aug. 28 Federal Register (page 57485) is simple: The $750 baggage liability was established in 1976 and put into effect one year later. At that time, the consumer price index (CPI) stood at 176.6. By May 1980, the CPI had risen to 244.9. The board figures that "goods worth $750 in 1976 would now have dollar values of $1,064,17...."

"we believe that the CPI reflects the effect of inflation on the value of most passengers' bags and their contents," the board said.

The airlines and the public have 45 days to object to the liability increase. If no objections are filed, final action will be taken shortly.

This timetable also reflects changes in the CAB's operation. The first minimum liability ceiling of $500 was set in 1966 after several years' study. In 1975, the board initiated another investigation on the matter and two years later moved the minimum up to $750. The move to $1,000 may be accomplished in less than six months.