New inflation data released June 10 by the Bureau of Labor Statistics project that average prices rose 8.6% from May 2021 to May 2022. After a slight decline in April, the new data suggests inflation is now back at the high levels seen in March 2022.
Illinoisans are already feeling the pain of the highest inflation rates in 40 years. While the average private-sector worker in Illinois saw a pay bump of more than $3,408 over the last 12 months, prices have been rising far faster. To keep up with inflation, the average worker in Illinois would have needed wages to rise by $5,635.