inflation

While exports surged, domestic stocks of crude oil, gasoline, and diesel fell sharply. Before the war began in the Middle East, which closed the Strait of Hormuz to most ship traffic, global oil and motor fuels markets were awash in supply. #gas #prices #oil

“We impose a motor fuel tax across the state that was adjusted six years ago, seven years ago now, in 2019, but then we impose a sales tax on top of that motor fuel tax,” Spain said. #tax #gas

At 48 cents a gallon, Illinois has one of the highest gas tax in the country, trailing only California’s 70-cents a gallon. #taxes #gas #prices

Instead, families across Illinois are still being forced to pay for utility overspending, flawed planning, and corporate missteps they did not cause. #utilities #inflation

“With Donald Trump’s tariffs hyper-charging inflation and the costs of groceries, property taxes and everyday items on the rise, the last thing working-class and poor communities in Chicago, the Southland and Central Illinois need is another shock to their pocketbooks from utility costs,” Preston said in a statement. #consumer #energy

Preston argued that outside corporations, such as investment giant Blackstone, are worsening the housing crisis by manipulating the market, while federal tariff policies keep mortgage rates high despite the Fed’s cuts. #cuts

According to the report, two of the five major metropolitan areas with the biggest inflation problems have a large footprint in Illinois. #inflation

What was clear before and was on full display during the performance masquerading as a serious Congressional hearing, is that Republicans are desperate to create a sideshow so that the American public doesn't know the truth. #hearing

“Supply chain disruptions, energy prices and labor market issues, which could be anything from increased wages that are pushing up production, which is always a key to contributing to high consumer prices,” Lupo said. #inflation

Casto said small business owners cite challenges like revenue losses and higher rent prices, but many also point to higher interest rates. #rent #business #illinois