New Study Says Inflation Is Costing Illinoisans An Extra $5,000
What would you do with an extra $5,000? Well, given our current economic straits, many of us might respond with "Pay a few bills off and buy a six-pack." If inflation continues its current upward tilt, the person who wins the billion-dollar lottery might even say that.
It's somewhat jarring to think that if it weren't for Illinois' economic climate, you'd already have that $5,000 we just talked about.
To Keep Up With Rising Costs Since June Of Last Year, The Average Illinois Worker Would've Had To Have A Pay Raise Of At Least $5,920
But instead, according to a report up at IllinoisPolicy.org, that pay increase totaled a little more than $3,057 (show of hands--how many of you even got that?).
When you add up all the price increases from inflation in our state, Illinoisans are paying $4,675 more for the same goods and services this year when you run a year-to-year comparison with 2021.
As I'm Sure You're Painfully Aware, Illinoisans Are Dealing With The Highest Inflation Rates In 40 Years
Illinois Policy's Bryce Hill, crunching numbers from the U.S. Bureau of Labor Statistics, points out how much extra cost has been added to the budget of the average Illinois worker over the last year:
- Gasoline: $1,483
- Housing: $929
- Groceries: $522
- Utilities: $387
- Household furnishings: $206
- Food Away From Home: $202
- And, the dreaded "Other" category: $947
The U.S. Bureau of Labor Statistics projects average prices rose 9.1% from June 2021 to June 2022, and are showing no signs of leveling off.