According to a recently released June report by the U.S. Bureau of Labor Statistics, the consumer price index (CPI), which measures prices of everyday goods and services, has increased to 9.1 percent, marking the largest 12-month increase since 1981. The increase outpaced the Dow Jones estimates, which had believed that the annual June inflation total would be at 8.8 percent.
Meanwhile, energy prices have soared 7.5 percent for the month and were up 41.6 percent over a 12-month period. Additionally, the food index was up by 10.4 percent over a 12-month period and has now increased by at least one percent for the sixth straight month.
Overall, the new June 2022 inflation figure is 3.7 percentage points higher than it was in June 2021, and half a percentage point higher than what it was in May of this year.
State Senator Brian Stewart (R-Freeport) says when lawmakers return to Springfield for special session, the General Assembly needs to work on legislation that provides additional relief for struggling Illinois families, including capping the state’s sales tax on motor fuel at 18 cents per gallon and permanently eliminating the state’s sales tax on groceries and medicine.
Senator Stewart says it is unfortunate the Governor appears to be satisfied publicly touting his temporary elimination of the sales tax on groceries and a six-month delay on the state’s two-cent inflationary motor fuel tax increase.