Local health insurance agency owner says inflation continues to impact clients

MIAMI VALLEY — In the past year Americans have seen wages going up, but for many, not enough to keep up with inflation.

Joy Kincaid, owner of a local health insurance agency, said she has seen first-hand how inflation has impacted her clients.

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“They’re having to pay more salaries than they can afford to pay because their costs have gone up,” Kincaid said. “Eventually they’re not going to be able to sustain the pay that they are giving employees.”

Kincaid said many of them fear they are “not going to be around in a year because of inflation.”

The U.S. Department of Labor recently reported that hourly wages rose 4.7 percent last year, but in return, overall wages fell 2.4 percent because of inflation.

Despite that, leisure and hospitality was the only sector that saw pay increase out pass inflation last year.

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Christopher Kershner, president and CEO of the Dayton Area Chamber of Commerce, said many are impacted by inflation, causing the business community to hit a “tipping point.”

“Businesses are facing inflation of costs, supplies and of people,” Kershner said. “And it’s happening at such as fast pace.”

U.S. businesses are expected to raise wages nearly four percent this year, the fastest rate since 2008.