In conversations, on news shows, and in the headlines, inflation and recession have been constant buzz words of late, triggering discomfort in business and personal settings. This comes as no surprise: the unknown can provoke a lot of anxiety. With that in mind, this Simplifying Labeling Blog post aims to offer comfort and action ideas for you and your business.
The Realities of Inflation
Everyone buying and selling goods and services has been confronted by the current inflationary trend. The most recent Bureau of Labor Statistics report, as of July 2022, shows that inflation, measured by the consumer price index, is up 8.5% in the past year. This is down from a June 2022 high of 9.1%; rapidly falling gas prices appear to be starting to blunt the latest surge. Although it does raise the value of such tangible assets as land, properties and stocked commodities, inflation causes a reduction in purchasing power that has impacted every industry.