There are compelling reasons for businesses to raise prices this summer. First and foremost, costs are up. Wages in April and May grew at an annualized rate of 7.4%, gas prices have jumped by 49.6% in the last year, and May’s inflation rate leaped to 5%. Companies such as Chipotle have recently announced price hikes, and many others are considering doing the same.
Summary.
As inflation rises, more companies are announcing price increases. These are six factors to consider when deciding whether to follow suit.