MADISON, WI (WTAQ) — A new survey shows just how badly Wisconsin businesses have been impacted by inflation.
The survey from Wisconsin Manufacturers and Commerce says 82 percent of employers have been negatively impacted by inflation.
“About half have seen costs go up by 10% percent or more, one in five have seen costs go up by 20% or more, and we have some that have seen costs go up by 30%,” said WMC’s Nick Novak on WTAQ’s ‘The Morning News with Matt and Earl’ on Wednesday.
That means higher prices for customers as businesses raise prices to offset increased costs.
“Businesses are really struggling to try and figure out how to combat those cost increases,” Novak explained. “They’re also seeing costs go up on the labor side as they raise wages and try to find more workers.”
Novak says it’s without precedent.
“Any time you’re seeing costs go up double digits…there’s not much you can compare it to in the recent past,” said Novak.
The producer price index – which measures the final cost of goods and services paid by employers – was up 9.7 percent over the last year, nearing a record high.
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