Is Inflation Easing? See How Illinois Is Affected

ILLINOIS — Illinois residents continue to see higher prices for simple everyday items such as eggs, dairy, and car gas, according to a new report released on Wednesday that indicates inflation eased slightly in April but is still causing residents statewide to pay more for life necessities.

Prices rose 8.3 percent compared to April 2021, and 0.3 percent compared to March, according to the U.S. Bureau of Labor Statistics report. The April-over-March increase in the Consumer Price Index was the smallest monthly increase in seven months.The biggest increases for Americans came in the areas of housing, food, airfares, and new cars. Nationally, food prices were up 0.9 percent, including groceries, which jumped a full percentage point, officials said on Wednesday.

Of particular note, dairy prices increased for the 17th consecutive month, up 2.5 percent from March, the largest increase for the dairy index since July 2007. Over the past year as a whole, grocery prices have increased 10.8 percent, the largest year-over-year increase since 1980.

In Illinois, prices on pantry staples such as cereal and bakery products, meats, chicken and eggs, and dairy products have all increased since March, officials said. In the Chicago area, the biggest jump came in cereal and bakery products, which increased by 4 percent from March and are up 7 percent from this time last year.

The price of meat, chicken and eggs as well as dairy products jumped by 2.4 percent, and meat and egg prices have jumped by 13 percent since April 2021, officials announced. Non-alcoholic beverages have also increased in price by 10.3 percent from last year.

Gas prices, though still averaging a record $4.40 a gallon nationally and $4.32 in Illinois, and $5.06 per gallon in Chicago, fell 6.1 percent from March to April, offsetting increases in the indexes for natural gas and electricity, according to the report.

Overall, gas prices have increased 44 percent from a year ago, and data from AAA shows prices have steadily increased so far in May.

One month of data isn’t enough to show if inflation is headed downward, economists, note. And there are signs in the report that inflation is becoming embedded in the U.S. economy, The Associated Press reported.

When the volatile food and energy prices — driven higher by persistent COVID-19 pandemic supply chain issues and, more recently, Russia’s war in Ukraine — are taken out of the mix, the so-called core inflation on goods and services increased 0.6 percent from March to April, twice the 0.3 percent rise from February to March.

Core inflation rises more slowly, the AP explained but can take longer to decline. For example, rent is rising at a historically fast pace, up 0.6 percent from March to April. Hotel costs are up, too, 1.7 percent from March to April, following a 3.3 percent increase from February to March.

Persistent inflation is a political problem for President Joe Biden, and a financial problem for many Americans, especially those on fixed incomes who are making tough choices at the grocery store and gas pump.

Patty Blackmon, who lives in Las Vegas, told the AP that $5.89-a-gallon gas prompted her to reduce the number of trips she makes to the grocery store and her grandchildren’s sporting events. She hasn’t decided if she’ll make a road trip to see relatives in Arkansas this summer, hasn’t visited her hairstylist in 18 months, and is buying more canned soup and salad ingredients at the grocery store.

“A steak is almost out of the question,” she told The AP.

The Associated Press contributed to this report.