What would you do with an extra $5,000? Well, given our current economic straits, many of us might respond with "Pay a few bills off and buy a six-pack." If inflation continues its current upward tilt, the person who wins the billion-dollar lottery might even say that.

It's somewhat jarring to think that if it weren't for Illinois' economic climate, you'd already have that $5,000 we just talked about.

Concept of Inflation. Rising chart on the background with the text inflation.
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Conceptual of unhappy bankrupt woman.
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To Keep Up With Rising Costs Since June Of Last Year, The Average Illinois Worker Would've Had To Have A Pay Raise Of At Least $5,920

But instead, according to a report up at IllinoisPolicy.org, that pay increase totaled a little more than $3,057 (show of hands--how many of you even got that?).

When you add up all the price increases from inflation in our state, Illinoisans are paying $4,675 more for the same goods and services this year when you run a year-to-year comparison with 2021.

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Pretty impressive, spelling out inflation like that. I once learned how to spell "boobies" by entering 5318008 and flipping the calculator. (Getty Images)
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As I'm Sure You're Painfully Aware, Illinoisans Are Dealing With The Highest Inflation Rates In 40 Years

Illinois Policy's Bryce Hill, crunching numbers from the U.S. Bureau of Labor Statistics, points out how much extra cost has been added to the budget of the average Illinois worker over the last year:

  • Gasoline: $1,483
  • Housing: $929
  • Groceries: $522
  • Utilities: $387
  • Household furnishings: $206
  • Food Away From Home: $202
  • And, the dreaded "Other" category: $947

The U.S. Bureau of Labor Statistics projects average prices rose 9.1% from June 2021 to June 2022, and are showing no signs of leveling off.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

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