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Illinois Chamber warns job cuts could follow record inflation, urges policy makers to prepare

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Gas station
Marta Lavandier / AP Photo

(The Center Square) – An economic storm is coming and the state of Illinois could do more to be better prepared. That’s the warning from the Illinois Chamber of Commerce after sustained historic inflation.

Inflation set another 40-year record Wednesday with the consumer price index up 9.1% over the past 12 months.

In May, the consumer price index for the year rose 8.8%. The June increase for the year was 9.1%. In the past month, prices on average increased by 1.3%, the highest monthly increase since December.

While fuel oil decreased 1.2% over the past month, it’s increased 98.5% over the year. All types of gasoline is up nearly 60%.

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