It’s been over a year since the American workplace turned upside down, with employees quitting en masse in search of more fulfilling jobs and flexible work arrangements.

But as inflation hits a 40-year high, stragglers have found yet another convincing reason to jump ship.

“It’s a worker’s market,” says Andrew Flowers, labor economist at job advertisement firm Appcast. “And this bargaining power, it means that, with high inflation, this is the time to either ask for a raise or to potentially find a better offer elsewhere.”

Another 4.4 million Americans quit their jobs in April, the latest numbers show, nearly unchanged from the month before and still among the highest levels in decades.

While job vacancies decreased, there remain almost two jobs available for every worker who’s looking.

With the rising cost of food, gas and everything else giving all Americans a pay cut, workers who haven’t yet made a move have every reason — and every opportunity — to act soon.

The window remains open for now

The consumer price index surged to a spectacular 8.6% in May from a year earlier, putting pressure on workers who would otherwise be happy with the status quo.

Globally, one in five employees is likely to switch jobs in the next year, with most leaving for a better salary, according to a recent survey by accountancy firm PricewaterhouseCoopers.

Over a third are planning to ask for a raise in the next year, though that number is significantly higher in the tech sector (44%) and lower in the public sector (25%).

“Employers know that quit rates are high. They know that job openings are plentiful. And so they know their employees can be choosier,” Flowers says.

The added pressure of rising prices means employers may consider proactively hiking wages to avoid losing employees. Wages and salaries in the private sector increased by 5% for the 12-month period ending in March.

“Employers have a really insatiable appetite at the moment to hire,” Flowers says.