Inflation playing out in Utah
UTAH — Inflation in Utah continues to rise, one of more than a dozen states seeing a 7% increase in inflation, according to an article from the Wall Street Journal.
Miles Hansen, President and CEO of World Trade Center Utah, explained that Utah’s housing market was hit particularly hard by inflation.
Hansen also warned that the repeated pouring of money into the economy could eventually have major economic repercussions.
Utah families are feeling the weight of bloated prices. This comes at an inconvenient time with the holidays right around the corner.
Shane Stewart, a certified financial planner with DMBA, spoke with Dave and Dujanovic on the impacts of holiday inflation on families. He explained that some families might have to make some tough decisions.
“I would use the phrase, ‘I’m not sure we can afford that…yet,'” Stewart said. He continued by emphasizing that “we have to give ourselves that opportunity to be hopeful” while communicating with our families and partners about finances.
While some may have to avoid more expensive items amid inflation and other economic hardships, Stewart says there is a reason to be hopeful.
Stewart emphasized that this situation is not permanent.
“Whatever’s happening to you now feels permanent, but… if you look over history that’s not true,” said Stewart.
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