According to the U.S. Bureau of Labor Statistics, the inflation rate has increased three-fold from 2% to 6% from 2021 to 2022, and is still at 4%. Before the spike, the rate was stable at 2%.
https://data.bls.gov/timeseries/CUUR0000SA0L1E?output_view=pct_12mths
According to the Economic Policy Institute, the minimum wage in 2022 was worth the lowest since February 1956, as a result of this spike and the lack of adjustments to the minimum wage to accommodate for it.
https://www.epi.org/blog/the-value-of-the-federal-minimum-wage-is-at-its-lowest-point-in-66-years/
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