Zions Bank reports slight jump in Utah prices
The Zions Bank Wasatch Front Consumer Price Index (CPI) increased 0.4 percent in the month of May. Inflationary pressure eased last month as crude oil dropped below $100 a barrel. In May, the cost of transportation went up 0.5 percent, the lowest monthly increase since January.
Prices increased in seven of the ten categories and remained flat in the remaining three categories.
Price increases along the Wasatch Front in May slowed significantly. The inflationary slowdown is in part due to consumers allocating more of their income toward gasoline rather than other consumer goods. As a result, businesses stop raising prices - sometimes dropping costs - to attract consumers.
The costs of food at home along the Wasatch Front remained relatively stable in May, increasing 0.2 percent. The price increase is attributed to a rise in the cost of meats, wheat, and produce.
Food at home costs account for 8.3 percent of a typical Utahn's consumption.