Why Uniqlo and Burberry are increasing wages amid cost of living pressures

Retailers are being urged to increase staff wages. (Source: Reuters )
Retailers are being urged to increase staff wages. (Source: Reuters )
There’s been much discussion about the wage-price spiral theory, which theoretically sees wages rise concurrently with prices, subsequently exacerbating inflationary pressures. In early March, the Reserve Bank of Australia increased the interest rate for a tenth consecutive period, to 3.6 per cent in order to control this cycle and curb inflation.  However, according to recent data by the Australian Bureau of Statistics in late February, the gap between wages and prices was at 4.5 per cen

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