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No matter where you stand on the issue of what minimum wage should be, you can't deny that the price of labor going up ends up causing the price of goods and services going up. 4.7% price hikes Price changes Mn Fed. March 2021 to March 2022 up 8.5% CPI Increase
In the year 2021 there were 24 states that made changes to there Minimum wage laws. Min wage changes 2021. The increases in those states if you add them all up increased by 9.65%. The US median household income increased 1.8% Median household income
Labor cost increases
If you are in the service industry your labor costs are 30% to 40% of your company expenses. For other businesses its lower, closer to 20%. But still thats a big portion of their expenses.
Probably accounts for 10% of CPI increase
In the year 2021 there were 24 states that made changes to there Minimum wage laws. Min wage changes 2021. The increases in those states if you add them all up increased by 9.65%. The US median household income increased 1.8% Median household income
Labor cost increases
If you are in the service industry your labor costs are 30% to 40% of your company expenses. For other businesses its lower, closer to 20%. But still thats a big portion of their expenses.
Probably accounts for 10% of CPI increase