Report: Price Index sees slight drop but remains high locally

Local News
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SALT LAKE CITY (ABC4 News) — A new report from Zions Bank says the costs of goods and services along the Wasatch Front dipped slightly over February.  

Year-over-year the Price Index shows a consumer price increase of 3.9 percent locally which is more than double the national index increase at 1.5 percent.

Transportation prices dropped 3.6 percent in February, the biggest drop since a year ago and part of an 8-month long declining trend which contributed to the overall decrease. 

The report also highlights the rising cost of housing along Northern Utah. The average Utahn is spending 38.7% of their monthly expenditure on housing, and the price index showcased a 0.3% increase in housing cost over the last month and an 8.3% increase over the last 12 months.

Analysis and data collection for the Zions Bank CPI and the Zions Bank Consumer Attitude Index are provided by Cicero Group, a premier management consulting firm based in Salt Lake City. This month’s Zions Bank Utah Consumer Attitude Index will be released March 26.

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