High inflation prompts employee bonuses, deals for customers
Pizza maker Domino's announced it was offering an 'inflation relief deal'
Check out what's clicking on FoxBusiness.com
A swath of companies and institutions are finding ways to help Americans cope with inflation by doling out employee bonuses or by offering more promotions than usual.
In July, consumer prices jumped 8.5% compared to a year earlier, down from June when prices jumped 9.1%. While Americans got some relief last month with inflation slipping slightly, it's still sitting around its highest level in 40 years. The Bureau of Labor Statistics releases the August inflation report on September 13.
To help with rising prices, Domino's announced an "inflation relief deal." Customers will get 20% off all menu-priced items ordered online for a limited time. This applies to stores nationwide, according to the pizza chain.
DOMINO'S LAUNCHES AN 'INFLATION RELIEF DEAL' NATIONWIDE
The move was similar to Krispy Kreme's promotion back in April when the doughnut maker offered customers a discount on its sweet treats to offset the pain at the pump. The company sold a dozen Original Glazed Donuts for the price of a gallon of regular gas.
The Domino's Pizza Inc. logo on an employee's shirt. The worker is preparing an order in Chantilly, Va. on Tues., Feb. 20, 2018. (Andrew Harrer/Bloomberg / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DPZ | DOMINO'S PIZZA INC. | 444.90 | +14.47 | +3.36% |
| DNUT | KRISPY KREME | 10.77 | -0.12 | -1.10% |
CONSUMERS 'TIGHTENING THEIR BELTS' AMID HIGH INFLATION: SHOPPING EXPERT
Meanwhile, to help crafters combat inflation, Michaels' Chief Operating Officer Joe Venezia told FOX Business the arts and crafts retailer has been creating "more promotional events" and giving customers advance notice for when they will have their lowest prices.
The unit of alternate investment manager Blackstone also said it updated its rewards program to give members more cash back opportunities as well as bonus vouchers.
Merchandise inside arts-and-crafts retailer, Michaels on Mar. 03, 2021 in Miami, Fla. (Joe Raedle/Getty Images / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BX | BLACKSTONE INC. | 183.01 | +1.60 | +0.88% |
Aside from product discounts, some employees are also getting some extra cash in order to combat the painfully high prices.
MORE SHOPPERS TURN TO DISCOUNT STORES TO ‘CUT THE COSTS’ OF INFLATION
Lowe's CEO Marvin Ellison told analysts on a call earlier this month the home improvement retailer is giving out bonuses to hourly frontline associates "in recognition of some of the cost pressures they are facing due to high inflation."
Lowe's employee working in store in Louisville, Ky. on Tues., Feb. 26, 2019. ((Photographer: Luke Sharrett/Bloomberg via Getty Images) / Getty Images)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LOW | LOWE'S COMPANIES INC. | 271.77 | +2.37 | +0.88% |
Ellison said the company is providing $55 million in bonuses in total for the quarter.
"These associates have the most important jobs in our company, and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience," Ellison added.
According to multiple reports, Western Michigan University also announced that eligible faculty and staff would get a bonus in September to help with inflation.
"Recognizing the financial strain of these present times and with gratitude for your work at Western, the Board of Trustees and I are pleased to announce a one-time, lump-sum payment for eligible faculty and staff," WMU President Edward Montgomery said in a notice, according to WOOD-TV.