Summer’s Soaring Inflation Rate

by Jul 19, 2022

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The temperature soars, and unfortunately, so are consumer prices. Indeed, prices of everything are rising rapidly.  Everyday activities went from being exciting and affordable to potential budget breakers and an added cost on the day.  From the gas we use, the food we eat, and the homes we live in, there is no hiding from the impacts of inflation.  We are all asking why this is happening?  What is going on in the world?  Is there anything we can do?

What is Inflation?

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Source: Fedsmith.com

Nowadays, inflation may be a word you hear every day, but what does it mean? A definition from the International Monetary Fund defines inflation as measuring how much more expensive a set of goods and services become over a certain period.  Inflation has plunged economies into long periods of instability. As the price of goods and services becomes more expensive, people may not be able to afford the upward adjustment.  Inflation often causes consumers to delay their purchases, which actually further hurts the economy.

Wholesale Inflation

The cost of wholesale goods has been increasing too. Based on statistics from CNBC, Wholesale inflation rose 11% in April 2022.  The wholesale price index is an inflation index that reflects the changes in prices of goods before being sold at retail.   TODAY is the best price for goods because prices continue to rise, and are projected to rise for the next few years.  Planning for and buying now will save money in the future.  YouInkIt is not shielded from these inflationary pressures.  Our material prices are increasing and supply chain shortages continue to impact our cost of doing business. What does that mean for our YouInKit customers?  Speak to us today because it is likely that we will see prices on the rise tomorrow.

Outsmart Inflation, Buy YouInkIt Swag!

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Source: LGT

Youinkit recognizes that while there may be pressure on our purchasing dollars, it remains important to promote your business through the use of swag.  The minimal investment in branded merchandise will bring significant benefits to your company.  For example, the cost to hire and train new employees is far greater than the small investment in merch that improves employee retention.  Employees’ satisfaction and loyalty are increased through merchandise. Check out our blog on how promotional products can increase employee retention and save money for your company in the long run.  Great employee onboarding through swag will make new hires feel more comfortable, and happy, and most importantly will increase retention.  Similarly, your customer acquisition cost can be reduced through the use of branded merchandise.  While we are trying to budget through these pricey times, swag can reduce some of these costs of doing business.  Don’t delay, call one of our specialists today!

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