The Fed: Just like the textbook says: Wage pressure making higher prices ‘inevitable,’ small business owner tells Fed [MarketWatch]
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Source: MarketWatch
Just like the textbook says: Wage pressure making higher prices ‘inevitable,’ small business owner tells Fed The rumors of the death of inflation might be exaggerated if you listen closely to a small business owner who spoke at a Boston Fed conference on Monday. Joanne Chang, owner of Flour Bakery, a group of 8 upscale coffee and bakery shops in Boston, told top Fed officials that she thinks she will have to raise prices soon because of the higher wages she’s being forced to pay due to the tight labor market. Chang said she thinks it is “inevitable” her competitors will raise prices too. At the moment, her whole industry is “holding our collective breath.” Chang said her company has raised wages twice in the last three to four years and is going to raise them again shortly. “We are seeing such strong wage pressure, we are slowly starting to raise our prices,” Chang said. Chang said her competitors are also starting to see their profit margins get smaller and smaller. “I feel like ever
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