UTAH (ABC4) – A new report showed inflation is soaring, hitting a 41-year high in the U.S. this past June.
Prices in June increased 9.1% nationwide since just last year, according to the Bureau of Labor Statistics.
And in Utah, reports show it’s even higher.
It’s no surprise people say they’re feeling it at the gas pump, in grocery stores and with rent. And many people are having to cut back in order to keep up.
“I don’t go to the higher priced stores and I don’t buy higher priced things, because I can’t,” says Utahn Kathy Tietez.
Utahns are seeing the effects of inflation everywhere, and they’re trying to keep up.
“My husband and I are picking up shifts wherever we can,” says Utahn Marinda Hunter.
According to the U.S. Congressional Joint Economic Committee, Utah’s inflation is up 14.9% from last year, tied with Colorado for the highest percent increase meaning Utahns are paying $881 more every month.
“If I think I’m getting a few items that would normally cost $75, it’s $130, $150,” says Utahn Dan Olsen.
And though gas prices are going down, according to AAA, Utahns continue to pay above the national average.
Nationwide, people are paying an average of $4.61, but in Utah, folks are paying an average of $5.14.
“You save a little extra where you can,” says Utahn Ryan Hoopes. “Try not to drive as much — carpool.”
“Watching for little breaks in gas prices,” added Hunter.
Residents say they’re feeling the strain at grocery stores, too.
“It seems like grocery costs have doubled,” says Olsen.
“Definitely watching for sales,” Hunter said.
“I don’t buy things like I used to buy, I look for reductions, I look for better milk prices,” says Tietez.
And people are continually worried about their rent.
According to Apartment List, rent in Salt Lake City is up by 25.8% since the start of the pandemic in March 2020.
“We’re anticipating it’ll go up by at least $400 dollars,” says Hunter.
And as people cut back on eating out, driving less and only buying grocery store essentials, many feel something needs to change — and soon.
“It’s really hard,” says Tietez. “It’s hard and I don’t think we should have to stand for this.”
And as the Federal Exchange looks to increase interest rates and economists predict we may be heading into a recession, many Utahns say they need to see more being done by the government to get back to a sense of normalcy.