Nick Novak Speaks to Spectrum News 1 About Historic Inflation

MILWAUKEE – The latest Wisconsin Employer Survey from Wisconsin Manufacturers & Commerce warned inflation costs are about to trickle down to customers.

“It is this historic inflation that we have not seen in 40 years,” Nick Novak, a vice president with WMC said. “Unfortunately, we’re seeing consumer costs going up— the latest numbers show inflation is up 7.5% over the last year, but the number we’re paying close attention to is what businesses are paying because that’s a leading indicator of what consumers will be paying down the line.”

WMC surveyed 265 Wisconsin-based businesses over several weeks on issues tied to inflation and ongoing supply chain disruptions, and Novak said most don’t see our high inflation rate coming to a breaking point any time soon.

According to the survey, roughly half of Wisconsin businesses have seen costs go up by 10 percent due to inflation.

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