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Reason for 5% Wage Increase ‐ Inflation Inflation peaked at it’s highest rate of 9.1% in June 2022… in August 2023 we are standing at 3.7% “inflation rate Meaning $1,000 in August 2023 has the same buying power as: • $953 in August 2022 • $882 in August 2021 Remember from the prior slide how many people will receive less than this $50/paycheck inflationary increase? 45