The Iran war's economic hit could linger through 2026, economists say
Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
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Economists say Americans should expect elevated prices at the pump and rising grocery costs in the months to come.
The chain's North American operator forecast it will open 205 stores in 2026, although those openings will be outpaced by a series of closures.
These charts track prices consumers pay for groceries and other goods now compared to five years ago.
Economic forecasts show that this week's March Consumer Price Index could show prices climbing at their fastest pace in nearly two years.
Goolsbee, president of the Federal Reserve Bank of Chicago, said mounting inflation risks "complicates the picture" on interest rates.
Economists say the conflict in Iran is making a recession more likely, with higher energy prices hitting consumers and businesses.
Mortgage rates, though still well below their level a year ago, have edged up since the Iran war erupted. Here's why.
Inflation came in below economists' forecasts and slowed from December's 2.7% annual rate.
The Bureau of Labor Statistics released new numbers about the overall economy, showing modest inflation of .3% last month and 2.7% in the year. Streaming video services were a major outlier and saw an inflation of nearly 20% in the same period.
Although there are signs that inflation is starting to ease, consumers still face pressures from high food prices and other costs.
President Trump says he's winning the war against inflation. But a look at prices around the U.S. shows why many Americans still feel financially squeezed.
The Federal Reserve is grappling with economic issues including higher inflation and a slowing labor market.
Inflation last month rose at an annual rate of 3%, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
The Consumer Price Index climbed at an annual rate of 3% in September, coming in below economists' forecasts as the impact of President Trump's tariffs remain muted.
Social Security's annual cost-of-living adjustment is aimed at helping the program's 75 million beneficiaries keep pace with inflation.
Citing the shutdown, the Social Security Administration postponed its announcement of the annual payment bump beneficiaries will receive in 2026.
The Consumer Price Index is now at 2.9%, up a 0.4% from the previous month.
Today's CPI report marks the last major piece of economic data before the Federal Reserve's Sept. 17 rate decision meeting.
The cost of electricity is rising faster than inflation, with one in six households behind on their electric bills.
Prices rose at an annual pace of 2.6% in July, the same rate as the previous month and in line with economist forecasts.
Wages are still lagging behind inflation four years after the pandemic caused prices to soar and created a cost-of-living crisis for many households, a new study finds.
The producer price index, or PPI, surged last month, far outpacing economists' forecasts and suggesting that President Trump's tariffs are starting to significantly drive up the cost of imported goods.
Americans are reining in their spending at fast-food restaurants as they continue to face economic uncertainty.
The inflation rate was cooler than expected, with July's CPI rising 2.7% on an annual basis.
The Consumer Price Index, which measures inflation, rose 2.7% on an annual basis in July, slightly cooler than forecasted. Prices, however, continue to be impacted by Trump's tariffs.
The city of Aurora has launched a naming contest for four baby falcons who were hatched after their mother began nesting outside of city hall.
Indiana voters are choosing nominees for the U.S. House under existing district boundaries during Tuesday's primary elections.
Business owners say the canceled Cinco de Mayo parade dampens what is typically a time to celebrate Mexican culture in neighborhoods like theirs.
For the first time ever, the Chicago Cubs are hosting a special night honoring Chicago's Jewish American community Wednesday before their game against the Cincinnati Reds.
A Chicago alderwoman is trying to get a better idea of who is on electronic monitoring in Cook County and how they're being tracked. She also wants to know what efforts are being made to track down those with active arrest warrants.
Indiana voters are choosing nominees for the U.S. House under existing district boundaries during Tuesday's primary elections.
A Chicago alderwoman is trying to get a better idea of who is on electronic monitoring in Cook County and how they're being tracked. She also wants to know what efforts are being made to track down those with active arrest warrants.
Voters are going to the polls Tuesday in Ohio and Indiana — in the Buckeye State, they'll be casting ballots in Senate, House and governor's primary races, while Hoosiers will weigh in on House and state races.
A federal appeals court blocked a FDA rule that allowed the abortion pill mifepristone to be dispensed through the mail.
With 60 field organizers, 15 offices, and high-seven-figure spending planned, Iowa Democrats are making their most aggressive midterm investment in years as they target open seats for governor and U.S. Senate.
Chatham residents say they're losing a vital resource as Walgreen's prepares to close its store near 86th and Cottage Grove.
According to AAA, the average price of a gallon of regular gas in Chicago was $5.17 on Friday, up from $3.75 a year ago.
Peoples Gas and North Shore Gas Company customers are likely to see minor credits on their bills for the next three years, thanks to a $125 million settlement agreement announced Thursday by Illinois Attorney General Kwame Raoul.
Chicago gas prices are spiking as the war with Iran drags on, with regular gas nearing $6 in some spots and premium already selling for more than $7 in some places.
In the legal venue of anti-trust enforcement, the state is not taking on the Trump administration, but rather filling a void that state officials say the Trump administration has vacated.
The largest U.S. health insurer said it will eliminate approval requirements for some treatments, including select outpatient surgeries and other procedures.
Thirty years ago, Advocate Children's Hospital created a specialized team to transport the smallest patients to get life-saving care. On the anniversary of the Neonatal Pediatric Transport Team, they unveiled some a new ambulance.
The second-largest physicians' group in the U.S. has issued a surprising switch in breast cancer screening recommendations.
A new $48 million wellness center opened Thursday in the West Garfield Park neighborhood. The goal is to improve the health and quality of life for people on the West Side of Chicago.
La Rabida Children's Hospital went all out for Earth Day on Wednesday, with volunteer cleanup efforts by staffers and activities for patients and families.
Thousands of people marched from the West Loop to Daley Plaza in downtown Chicago on Friday for May Day, with activists calling for workers' rights, stronger labor protections, and increased school funding.
A $170 million-plus plan announced this week will redevelop the Water Tower Place mall on the Magnificent Mile.
The Holiday Club in Chicago's Buena Park neighborhood will soon be going out of business, as the building that houses the popular bar is set to be torn down.
At a meeting on Tuesday, the Lincolnwood Village Board approved a pre-development agreement with the mall, providing a roadmap with the property owner for further preparations and government approvals for redevelopment.
The only remaining location of Pal Joey's pizzeria in Batavia, Illinois, will soon be going out of business, its owner announced this week.
David Allan Coe also had hits with "You Never Even Called Me By My Name" and "The Ride" among others.
Some youngsters got a behind-the-scenes look at the magic of making opera Sunday at the Lyric Opera of Chicago.
Matt DeCaro, an actor who was a familiar face on the Chicago stage for many years, died this weekend.
Jake was at the funeral for one of his closest friends when he learned of his parents' deaths, he said.
Tickets for the 2026 Ravinia Festival season went on sale Thursday morning.
The city of Aurora has launched a naming contest for four baby falcons who were hatched after their mother began nesting outside of city hall. Click Here
Before we get there, the city has one more chilly day ahead on Wednesday. Chief Meteorologist Albert Ramon has the latest in First Alert Weather.
Combined with rising costs for operating businesses, owners say this is a difficult time for them.
Utz Quality Foods is recalling some Zapp's and Dirty brand potato chips due to potential salmonella contamination from an ingredient.
Secretary of Defense Pete Hegseth said Tuesday the U.S.-Iran ceasefire "certainly holds" for now. He called Project Freedom, an effort to guide commercial ships through the Strait of Hormuz — which drew Iranian attacks on Monday — a totally separate and "temporary" operation.
Chicago police said the victims were riding in a vehicle when two gunmen on motorcycles pulled up and shot them.
A teenager was wounded in a shooting on Tuesday morning in west suburban Carol Stream.
A Chicago alderwoman is trying to get a better idea of who is on electronic monitoring in Cook County and how they're being tracked. She also wants to know what efforts are being made to track down those with active arrest warrants.
The Meals on Wheels program in DuPage and Kane counties is feeling the effect of high gas prices, especially among the volunteers they rely on to help get meals to senior citizens in need.
The city of Aurora has launched a naming contest for four baby falcons who were hatched after their mother began nesting outside of city hall.
Rideshare drivers say it's getting difficult to continue working as gas prices surpass $6 in the city.
More than four months after a Chicago woman battling ALS was told she couldn't get a disabled parking placard in front of her home, the sign is up and her life is about to change.
An elderly woman has essentially abandoned her home of three decades because of constantly broken elevators at her high-rise condo building on the Southwest Side of Chicago.
Violent retail crime is on the rise in Illinois, according to a new report from the Illinois Organized Retail Crime Association.
A top administrator in the Libertyville school district has been placed on leave after a fiery school board meeting focused on how the district handled allegations of grooming leveled against a former teacher.
Cuypers has scored in every match he's played in so far, including two goals in three consecutive games.
Munetaka Murakami hit his 14th homer and Miguel Vargas also went deep as the Chicago White Sox beat the Los Angeles Angels 6-0.
The Cubs trailed 3-0 in the fourth before Suzuki tied it with a three-run drive off Chase Petty, Chicago's longest homer of the season.
Graham previously served as the Senior Vice President of Basketball Operations for the Atlanta Hawks.
Chicago's Derek Hill hit a two-run shot that tied it at 3 in the seventh.
A 17-year-old boy has died after police said he was stabbed by another teen over the weekend in southwest suburban Joliet.
Chicago police are investigating a burlgary targeting the video gambling machines at a liquor store in Lincoln Park early Tuesday morning.
Chief Geoff Guttschow, who has an autistic child who drives, says the Blue Envelope Program gives officers a tool to recognize when a driver may need additional communication support.
A woman has been charged with shooting a 15-year-old boy outside an indoor track facility near Gately Park in Chicago in 2024, after getting into a fight with another woman during a back-to-school event in the Pullman neighborhood.
Sexual abuse charges were filed this week against a Park City, Illinois, police officer.
