(SPONSORED) — High inflation is impacting more than just prices at grocery stores and at the pump. According to the Director of the UCCS Economic Forum Tatiana Bailey, the inflation influx is also impacting wages.

Bailey explains that inflation has eroded the wage increases over the last few years, with real wages down 3.4%. Inflation is impacting businesses as well, with inflation being the number one concern, while the labor shortage is the second.

Wages have had to increase by 46% for businesses to fill positions, while 26% of companies say they plan to raise wages in the coming months.

Bailey said that a third of businesses are saying that supply chain disruptions have had a negative impact on them, while another third report a moderate impact.