Peoria Standard

The September Consumer Price Index (CPI) was released Thursday, showing the increase or decrease in costs for a number of common goods, a common measure of inflation.

In September, the overall index climbed 8.2% from the previous year, down just 0.1% from  August.

The decrease was due to gasoline prices falling, a trend that did not last. The New York Times called every other detail of the CPI report "worrying."

These results have resulted in many experts, analysts and economists predicting that the Federal Reserve will raise interest rates again in November. With midterms approaching, Republicans are elevating this economic issue.

Desi Anderson, a candidate for State Senate in Illinois' 46th District, criticized incumbent Democrats saying that they have made matters worse for Illinois families and businesses already struggling with inflation.  She said instead of trying to reduce prices for "groceries, gas, and rent" and says, Democrats in Springfield "would rather take more of your paycheck by increasing taxes.

"As Illinois families continue to grapple with record-high inflation, they have to make tough choices with their family budgets," Wilcox said. "Majority Party Democrats had an opportunity to provide permanent, substantive tax relief on gas, groceries, medical supplies and other essentials, but they didn’t. Instead, they chose to deliver short-term, election-year mini-relief that barely moves the needle for struggling families and expires shortly after the election. Legislators could have and should have done a lot more to help Illinois families.”

Central Illinois families "are getting crushed by everyday prices as Democrats in Springfield continuously fail over and over again with their economic policies," Anderson added. "Instead of working to lower groceries, gas, and rent, Democrats like my opponent Senator Dave Koehler would rather take more of your paycheck and increase taxes."

 Policies such as the grocery tax and the recent gas tax hike "punish the working class while rewarding out-of-touch Democratic politicians here in our state," the candidate said." Illinois is experiencing a mass exodus to safer and more affordable states across the country, and failed economic policies supported by my opponent are one of the main reasons why. As a small business owner, I will always fight to lower taxes and support businesses in the 46th district. I will be an advocate for reversing these extreme financial burdens imposed by the Democrat supermajority so people in central Illinois and the rest of the state can learn what it’s like to keep the majority of their paycheck instead of donating it back to the state government.”

The New York Times reported that the core CPI index increased by 6.6% in September and 0.6% from August. This percentage change was calculated by removing food and fuel in order to accurately assess underlying trends.

Economists had predicted a 0.2% increase in a month-to-month price change. According to the New York Times, the price index picked up by 0.4% from August.

From January of this year through September, rents for primary residences have seen a 7.2% increase. Historically, housing costs climb around 3% per year. It is important to note that this metric has a significant impact on inflation overall and tends to move slowly, the Times reported.

NBC reported the Biden administration has taken action in an effort to combat inflation with the Inflation Reduction Act. However, the article pointed out that provisions in the law are set to take effect over the course of 10 years.

According to Penn Wharton’s Budget Model (PWBM) and the Congressional Budget Office (CBO), the Inflation Reduction Act’s impact on inflation is indistinguishable from 0. PWBM projected the law would add $25 billion to the deficit in 2024 and 2025 with no effect in 2023, while CBO projected $20 billion in deficit reduction in 2023 and no "significant" effects in 2024 or 2025. Either way, these projections are too insignificant to affect the Bureau of Economics Report to the first decimal place.

Anderson is a small business owner with her husband Nick and mother to a 1-year-old. Most will find it hard to relate to her upbringing as she was abandoned as a baby in the Eastern Bloc of communist Europe in Bulgaria. She went on to graduate from Indiana University with a double major degree. Anderson’s goal now is to be a unifying voice in elected office and fight back against the political corruption that has taken hold in Illinois.

According to the Bureau of Labor Statistics, Peoria, which is in the 46th District is located, has a worse unemployment rate and a comparable average weekly wage than the national average. The Peoria area has a 4.9% unemployment rate and a $1,388 average weekly wage, compared to 3.8% and $1,374 nationally. These economic figures only compound the negative impacts of inflation.