Owner of local health insurance agency says inflation continues to impact customers – WHIO TV 7 and WHIO Radio
MIAMI VALLEY — Over the past year, Americans have seen wages rise, but for many, not enough to keep up with inflation.
Joy Kincaid, owner of a local health insurance agency, said she has seen firsthand the impact of inflation on her clients.
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“They have to pay more wages than they can afford because their costs have gone up,” Kincaid said. “Eventually, they won’t be able to maintain the salary they give employees.”
Kincaid said many of them were worried they “wouldn’t be there in a year because of inflation.”
The US Department of Labor recently reported that hourly wages rose 4.7% last year, but in turn, overall wages fell 2.4% due to inflation.
Despite this, leisure and hospitality is the only sector that saw wages rise more than inflation last year.
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Christopher Kershner, president and CEO of the Dayton Area Chamber of Commerce, said many are being hurt by inflation, which is causing the business world to reach a “tipping point.”
“Businesses face inflation in costs, supplies and people,” Kershner said. “And it’s happening at such a rapid pace.”
U.S. companies are expected to raise wages by nearly 4% this year, the fastest rate since 2008.
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