2040's Ideas and Innovations Newsletter, Issue 41: Inflation + True Value: Can and Do You Raise Your Price?

Inflation and Workforce Increasing Costs

Issue 41: February 3, 2022

This is the first time since 1982 that inflation has grown at such a fast pace and become such an urgent short-term issue for so many organizations and individuals around the world. It is clearly affecting consumers forcing them to make fundamental changes in their choices and their overall lifestyles. The consumer who is now having to be more discerning about their own expenses contributes to a set of challenges faced within most organizations as they seek to determine how to manage their own increasing expenses. As The New York Times reports, there are higher home heating prices, surging rent costs, and rising food and gas prices. Refrigerator staples including meat, poultry fish and eggs rose 12% over the past year.

Inflation isn’t the only problem in the present and foreseeable future. Organizations also face increased expenses in response to the scarcity of skilled employees and the increased costs for retaining and acquiring employees. The impact of infl…