According to the Ifo Institute, the renewed increase in the minimum wage in Germany on October 1 is likely to "further drive up inflation, which is already high." Almost a third of the 6,900 companies surveyed employed some of their employees for less than twelve euros an hour, 58 percent of these companies "plan to react by raising their prices," said the economic researchers. The minimum wage in Germany rose in July from 9.82 to 10.45 euros per hour and will be increased to twelve euros by law on October 1st. A good six million employees benefit from this. According to the Ifo Institute, “price increases are the most frequently mentioned consequence” among the companies affected. On average across all companies, a good six percent of employees will receive a higher minimum wage from October, with large regional differences.