California expected to increase minimum wage to $15.50 per hour

CNN Business  — 

California’s minimum wage is expected to increase to $15.50 per hour next January because a state provision regarding inflation was triggered, Gov. Gavin Newsom’s office said Thursday.

Newsom’s office indicated in a release that the state’s minimum wage law requires an accelerated increase when inflation goes beyond 7%. The Consumer Price Index, which measures a basket of goods and services, was up 8.3% in the 12 months ended in April, the Bureau of Labor Statistics reported Wednesday.

“The COVID-19 pandemic has resulted in persistent supply chain disruptions and labor market frictions have driven

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