McHenry Times

Sen. Craig Wilcox voiced his concerns about the rising food prices in Illinois.

“Take a moment to digest this inflation information,” he wrote on Facebook, showing an image of breakfast food items like bacon increasing in price between June 2021 to 2022. “Look at those price increases over just 12 months.”

Patch reported increasing prices could be tied to “shrinkflation,” when manufacturers make packing sizes smaller without changing the price on the shelf. The Associated Press wrote this happens in times of inflation often.

The U.S. Bureau of Labor Statistics issued its latest Consumer Price Index (CPI) summary on July 13, which found that costs have risen 9.1% in the last year, marking a 40-year high. In the last month, the cost of energy increased by 7.5%, gas prices rose 11.2%, and the cost of food increased by 1%. In the last year, the cost of gas has risen by 59.9%, while food prices have increased by 10.4%.

My Journal-Courier reported farmers also feel the impact of inflation, especially in the price of oil.

Between May 2021 and May 2022, the cost of chicken has increased by 17.4%, which is the largest increase ever reported, according to NBC News, citing data from the Bureau of Labor Statistics. Costs for other meat products soared as well, such as pork, which rose by 13.3%, and bacon, which rose by 15%. Other staple grocery items are more expensive, such as milk, which has gotten 15.9% more expensive in the past year, and coffee, the price for which has increased by 15.3%. 

“More and more, we're hearing that there is not going to be a significant change until next spring,” said Christine LaFave Grace, executive editor of Winsight Grocery Business. “Six months ago, everyone was saying that we’re going to get back down to 4 percent (inflation) by the end of the year. That’s no longer the case.”

24/7Wall Street wrote a family of four in Illinois may spend approximately $9,000 on food in 2022.

Illinoisans are paying an average of $4,386 more in 2022 than they paid in 2021 for the same goods and services due to price increases, according to Illinois Policy. The average Illinois resident will pay an extra $1,122 for gas this year, while also spending an additional $504 on groceries and $280 on utilities. 

These extra costs mean many people will dip into their savings and skip some recreational activities.