Illinois is one of the U.S. states hardest hit by inflation, an analyst says .
The personal finance company WalletHub compared 23 major metropolitan areas across key metrics, including the Consumer Price Index, to measure inflation and how it impacts people in different cities.
According to the report, two of the five major metropolitan areas with the biggest inflation problems have a large footprint in Illinois.
WalletHub writer and analyst Chip Lupo said Chicago and St. Louis trail only Seattle and Boston.
“Illinois is overall one of the hardest-hit states by inflation. It’s indicative of a broader pattern because Illinois struggles more with inflation than other states,” Lupo told The Center Square.
“It’s driven by factors like high urban-living costs, so a lot of what goes on in Chicago does drive down the rest of the state, regional supply issues, and, of course, there’s the policy challenges which you talked about,” Lupo said.
The report showed that Chicago fared poorly.
“Third overall, it had a 3.5% year-over-year inflation rate, which is tied for the second-most among major metros,” Lupo said.
St. Louis ranked fourth, with a significant part of the statistical area in Illinois.
Lupo said inflation cooled for several months before an uptick to 2.7% in June.
“Illinois is still above average there, which puts extra pressure on residents’ budgets for essentials like food, housing and transportation,” Lupo said.
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Author: Ray Hilbrich
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