Guess my $33/hr job has to go bye bye for a $41/hr job just to break even with my hobbies. Inflation from the last five years is bullshit. Companies were for the last 15 years looking for a reason to raise prices. The government gave em a free pass. Pfft.
Not true at all. You probably dont work in a manufacturer/retailer industry because this is what happened with most everyday boring stuff sold at stores.
Reason why prices zoomed up the charts (at least for my industry) was multifold and stemmed form numerous reasons from gov, workers and customers:
- Gov shut downs and COVID regulations lead to fewer workers or shittier efficiencies making stuff. In my area, all the big box stores were allowed open and the small non-essential places shut down for probably at least a year
- People going hog wild hoarding stuff at stores
- These two factors alone lead to out of stock products on shelves which would pump up prices (then add below points). For some categories, the shorts lasted years and couldnt catch up even with 24hr shifts. Our company couldnt keep up with some products because people were at home using up more product as normal (ie. cleaners)
- Because manufacturers were scrambling to make and ship product all the ports, container ships and trucking companies jacked up fees. Some ports charged fees based on auctions and which big company wanted to pay the highest price. My buddy's company with product shipped from China even had their reserved port spots purposely overridden by the port and sold to the highest bidder. In turn, some companies resorted to air shipping which costs a ton
- All raw material and packaging companies jacked up prices
- Because products were being bought so much and couldnt keep up with supply anyway (cant fulfill demand), every supplier in this situation ditched a lot of their weekly discounts at stores and went with regular price
- As suppliers pushed through price increase, some retailers jacked up the price even more (ie. 10% cost price increase lead to 15% retail increase)
- Loan and interest rates probably tripled from before covid happened to peak rates in 2024