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Reason for 5% Wage Increase ‐ Inflation July 2022 had 8.5% “inflation rate” & August 2022 was 8.3% “inflation rate” Meaning $1,000 in August 2022 has the same buying power as $924 in August 2021 or $878 in August 2020 • Fuel Prices – 2022 saw an all time high in gas & diesel • Utility Rates – Have been increasing and utility companies have announced they will continue to increase 38