Wage push inflation in economics and finance

Hello everyone! Welcome to today's lesson on wage push inflation. Inflation, as we know, is the general rise in prices over time. But what exactly is wage push inflation? Well, it's a specific type of inflation that occurs when wages increase, leading to higher production costs for businesses. In turn, these increased costs are passed on to consumers through higher prices for goods and services. It's a crucial concept in economics, so let's dive deeper!