Price hike at 5.4% annual rate could raise SD minimum wage to $ 10 – Dakota Free Press

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Timber prices are come down, but the prices of used cars, energy and much more rebounded in June, raising the consumer price index by 0.9% in June and 5.4% for the last twelve months:

The consumer price index for all urban consumers (CPI-U) rose 0.9% in June on a seasonally adjusted basis after increasing 0.6% in May, the Bureau of United States Labor Statistics. This is the largest one-month change since June 2008, when the index rose 1.0%. Over the past 12 months, the All-items index increased 5.4% before seasonal adjustment; this is the largest 12-month increase since an increase of 5.4% for the period ending August 2008.

The used cars and trucks index continued to rise sharply, increasing 10.5% in June. This increase represented more than a third of the seasonally adjusted increase in all items. The food index rose 0.8 percent in June, a larger increase than the 0.4 percent increase reported for May. The energy index rose 1.5% in June, with the gasoline index rising 2.5% in the month [Bureau of Labor Statistics, “Consumer Price Index—June 2021,” 2021.07.13].

Used vehicle prices have jumped 45.2% since last June. Energy prices rose 45.1%. in one year, while people’s energy (food!) only increased by 2.4%.

If we maintain a 5.4% annual increase in the consumer price index, then come January 1 South Dakota’s minimum wage will drop from $ 9.45 per hour to $ 10.00… which is still well below the starting salary of $ 13 / hour that Wendy’s at 41st and Louise in Sioux Falls are currently advertising on their flashing sign.

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