According to the U.S. Bureau of Labor Statistics’ Consumer Price Index (CPI) report for September, the overall index rose 8.2 percent over the past year. This CPI price increase was mostly driven by the cost of food, shelter, and medical care.
Additionally, the report revealed that the core price index, which includes all items except food and energy, rose by 6.6 percent, marking the highest yearly increase in the past 40 years.
Meanwhile, energy prices have soared 19.8 percent over the previous 12 months, which doesn’t include the recent jump in gas prices, and the food-at-home index rose a staggering 13 percent over the past year. These high prices are putting considerable strain on American consumers with one survey finding that nearly six in 10 Americans are now living paycheck to paycheck.
Given the new inflationary report and the latest rebound in high gas prices, State Senator Sue Rezin is once again calling for the General Assembly to pass legislation that provides real and long-term relief for financially strained Illinoisans by 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.