June 8, 2024

CPI Data Show Chicago-Area Prices on the Upswing Again

By Michael Krikorian
@redlineproject

Consumer Price Index data for the Chicago-Naperville-Elgin area, which represents a good portion of Chicago and the surrounding suburbs, shows how local prices have risen in the past year.

There are many different ways of measuring inflation within the US dollar, and it is important to track and understand how valuable the currency is. One way of measuring it is the Consumer Price Index, or CPI. CPI measures how much a basket of goods costs at the market, and it uses the same items in the measurement. Over time, prices rise and we can see the effect this has on one’s spending on essential items like food, and hygiene products.

In April 2023, the CPI and cost of the goods was at $282.42 for the Chicago area, meaning for all the goods in the basket, it cost that much. However, at the most recent data showed the cost is now at $290.91. This means on average the American consumers in the Chicago-Naperville-Elgin area are spending around $8 more on the exact same items from one year ago.

This may seem somewhat insignificant, but consistent rises in prices can have large impacts on the population. Groceries and products are purchased regularly by consumers and the rising prices indicate a consistent rise in cost for them, making it difficult to afford.

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