June 6, 2022
Inflation and the increased price of everyday goods and services is becoming worrying, but it is unclear how long it will last. While it has had negligible effects on the overall economy, it has had severely negative consequences on the everyday lives of many ordinary workers.
Inflation and the increased price of goods and services are worrying enough that it is a primary driver of workers desiring increased wages.
According to a recent survey from Prodege, 8 out of 10 workers believe companies should substantially increase wages in response to inflation.
Before inflation began, however, wages increased, but higher prices for goods and services in many cases make these wage increases negligible. So, in turn, workers are requesting even higher salaries from these initial increases.
Last year, the average worker’s wages went up by 4.5%. Inflation – the highest it has been for forty years – is such that prices for goods and services are 7.9% higher than last year.
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