Opinion: There's a way to break inflation without breaking the economy fpcomment
commodities in high demand
When there is this excess demand, workers who see their real income and standard of living being reduced by rising prices respond, not surprisingly, by demanding higher wages to catch up.Article content Inflation gathers momentum when total compensation per worker outpaces the growth of output per worker, or productivity. A useful measure for capturing this relationship is growth in unit labour costs. When inflation picked up in the 1980s, compensation per hour outstripped productivity and unit labour costs grew by as much as six per cent per year. The 1990-91 recession pushed up unemployment and slowed wage growth, and productivity rose as the economy recovered, driving unit labour costs down.
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