Nearly 2 million Americans will get a raise

HOUSTON It's what you think it will mean is more money in your pocket. But when you factor in higher food and gas prices, the rate hike may seem lacking. Yet, the raise in minimum wage is an increase many are looking forward to.

Today the federal minimum wage goes up 70-cents. The increase is from $5.85 per hour to $6.55 per hour. This is the second of three increases set into motion by federal law last year.

But as the minimum wage goes up, prices have gone up as well. Many businesses are raising prices to adjust for rising fuel and transportation costs and some critics expect the minimum rate raise to push up food prices even higher. Yet, many businesses already pay above minimum wage.

Next year's third installment will bring the federal minimum wage to $7.25 an hour.

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