Decatur, IL (WAND) – From the gas pump to the grocery aisle, rising prices are forcing many central Illinois residents to rethink how they spend their money and find creative ways to stretch their budgets.
For some, that means turning to new ways to save money and take advantage of sales.
“I do coupons, and I use Fetch, which is also a coupon thing to get cash back that I use on Amazon,” said Carol Smith, a Decatur resident. “I have been stockpiling for over a year. I just felt that this was going to happen.”
Jacob Garecht, a Decatur resident, said he’s seen a lot of price hikes on beef and other meats. As gas prices near $5.00 a gallon in central Illinois, he’s focusing on driving less to save money.
“There’s no way around it, and it just seems like it’s just going up and up and up,” Garecht said. “Grocery prices are reflected in that as well. What used to cost maybe $100 for a full cart. Now you’re seeing it’s like 150.”
Frank Manzo is an economist with the Illinois Economic Policy Institute. He said several major economic factors are contributing to the rising costs consumers are seeing every day.
“The effects of the war in Iran, tariffs, even deportations of people without criminal backgrounds who are working, all of that raises costs for everything,” Manzo said. “Lately it’s been crop fertilizer and groceries and airline tickets.”
Manzo cited studies on consumer sentiment, which explain how people feel about the economy. He said this number is at its lowest point in 70 years, with many people saying they are struggling to make ends meet.
He specifically said that in Illinois, fuel costs are having a big impact.
“Motorists are now paying $5 a gallon for gasoline on average, and that’s up from $3 a gallon back in February,” Manzo said. “Diesel is now over $6. So that’s costing the typical two-adult household about $135 more a month than they were paying for gas before. That’s on top of higher electricity bills, home prices rising faster than the national average, and childcare costs increasing faster than inflation.”
Manzo doesn’t expect inflation rates to decrease anytime soon. Consumers should prepare for another possible increase as we head into summer.
