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In June 2026, inflation amounted to *** percent year-on-year, while wages grew by *** percent. In April 2026, inflation overtook wage growth for the first time in three years.

Post-pandemic inflation

In the post covid-19 pandemic period, the U.S. like much of the world, was gripped by a period of high inflation. Consumer prices peaked at an annual rate of *** percent in June 2022, the fastest pace in four decades. In real terms, wages struggled to keep up, eroding purchasing power and leaving many households feeling poorer. Many Americans continued to worry about the state of the economy and felt their personal finances had deteriorated.

Wage erosion in the U.S.

At the start of 2026, the federal minimum wage in America remained at **** U.S. dollars an hour, where it has stood since 2009. Over that period, inflation has quietly eroded its value, cutting the real pay of the lowest paid workers year after year. Most regions have pushed their own floors higher, with the highest state minimums now reaching above ** U.S. dollars an hour in Washington D.C. and Washington State. Yet five states do not have a state-level minimum wage at all, leaving the federal rate as the minimum wage there.