Gas Prices Resume Climb; Grocery Prices Rising

After a brief respite, gas prices have once again begun to climb in Illinois. Motor fuels now once again cost more than $4.00/gallon throughout most of Illinois, with diesel fuel prices and many Chicago-area motor fuel prices above $5.00/gallon. Motor fuel price inflation harms almost all consumers, as they are tied to specific driving patterns that cannot be changed quickly or easily.

Prices of food and beverages sold in grocery stores continue to rise in Illinois at double-digit rates. A month-by-month survey, using point-of-sale price data, showed groceries cost 1% more in September 2022 than in August 2022. This 1% 30-day increase was equivalent to grocery price inflation of 12.7% for a full year. This marked a continuation of existing price patterns at grocery stores; U.S. groceries cost 13.3% more in September 2022 than they did one year earlier. Price pressures were especially dramatic in dairy products, snack products, and packaged frozen meals.