WASHINGTON, Dec. 24 (UPI) -- Eight states are poised to grant inflation-based raises to their minimum wages at the start of 2012, the National Employment Law Project in Washington said.

The increases will affect 1.4 million workers in Arizona, Colorado, Florida, Montana, Ohio, Oregon, Vermont and Washington, CNN reported Saturday.

In addition, Nevada will also raise its minimum wage in 2012, but the hike will begin in July, while the others are set to raise their rates on Jan. 1.

"Increasing minimum wage is a key form of local stimulus. It helps front-line workers whose wages have been stagnant and falling by putting more money into the pockets of low-income families who then spend the money at local businesses," said Paul Sonn, legal co-director at NELP.

The increases will range from an annual increase of $582 to $770. As of Jan. 1, minimum wages in the eight states with raises planed will range from $7.64 per hour in Colorado to $9.04 in Washington.