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Valentine’s Day spending is expected to reach $23.9 billion this
year, up from $21.8 billion in 2021. That's the second-highest
year on record, according to an annual survey released by the
National Retail Federation and Prosper Insights & Analytics. But
that money won't stretch as far as in past years. Inflation
jumped 7.5% from January 2021 to January 2022 – the highest
level since 1982, according to the most recent consumer price
index data.
Flower prices are up 4%, while candy and jewelry are up 4.8% and
6.5%, respectively. Dinner and a show come with a 7.1% and 5.5%
higher ticket, while staying in a hotel is 23.6% more costly
than last year, according to an analysis by the Illinois Policy
Institute.
“Inflation over date night hits harder in Illinois this year,
where prices on goods and services have been rising faster than
wages,” said Bryce Hill, senior research analyst at the Illinois
Policy Institute. “Rising prices are not only an inconvenience,
but they can also threaten people’s way of life.”
The state reported 3.6% growth in average weekly earnings and
the state's unemployment levels remain elevated.
“While the governor is proposing temporary ‘tax relief’ for this
fiscal year, unless these changes become permanent, they’re
simply an election-year gimmick that will leave Illinoisans to
battle higher prices and taxes next year,” Hill said.
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