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.
"That means that consumers are going to be seeing these double-digit hikes down the line," Novak added. "Which is obviously bad news for anyone who's going to a grocery store or retail establishments and purchasing everyday items."
Watch the entire interview above and view the survey results in their entirety here.