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  Minimum wage increases have been making for big headlines this past year, with cities from coast to coast considering permanent increases. Seattle was the first major city to adopt the golden $15 minimum wage, with steady increases each year until that rate is reached in January 2018 (currently sitting at $12.50/hr). Many business owners and oponents of the measure were speculating that prices for goods and services would go up as a result of the wage increase, saying that the increased cost to consumers would wipe out any benefits of a higher wage. Well one year later, and it seems that all is still well in Seattle. As reported by Fast Company, researches at the University of Washington have surveyed prices at stores in the city, focusing on places that service middle class or low-income families, and have found no significant price increases this last year. They also looked at other factors such as the prices of rent and gas, and found that there were no significant changes attributable to the wage increase. Store owners surveyed cited a number of reasons, the biggest being competition. Raising prices in a retail world ruled by Amazon is likely to drive away customers, so owners are cutting costs in other ways. The study did find that prices increased at restaurants, no surprise given their reliance on labor. Prices went up 7%-9% on average, and owners also helped offset their increased costs by being more strategic about scheduling, and closing during store hours. The other thing the study points out is that this survey was done in a large city, and urban populations tend to be more affluent. In more rural areas and smaller towns, the impact may be  different. Once the full 15$ minimum wage is in place, it will be interesting to see the effect on urban and suburban areas. Has your area enacted a minimum wage increase? How has it affected your income or business? Let us know what you think on Facebook, Twitter and Google+, and be sure to check out Fast Co's article for more details. Source: Fast Company Photo Credit: Flickr