evidence: Wages Are Going Up — And So Is Inflation. Consumer Prices Have Hit A 13-Year High A lot of workers are getting wage hikes this year as employers compete for scarce labor. But it's not all good news for workers, or for the economy: Some businesses are raising prices to offset the wage hikes, contributing to surging inflation and eroding some of the benefits from that higher pay. [...] "We have raised our wages and have increased the use of incentives to hire people," Amazon's chief financial officer Brian Olsavsky told reporters on a conference call. "We're watching it carefully. But it's probably one of the bigger elements of inflation in our business right now."