BUSINESS + ECONOMY

Consumer Price Index increases by 3.1%, inflation worse in west

Feb 14, 2024, 6:19 PM

A shopper carries retail bags while walking through a shopping mall in Columbus, Ohio, U.S., on Fri...

A shopper carries retail bags while walking through a shopping mall in Columbus, Ohio, U.S., on Friday, Dec. 10, 2021. The Consumer Price Index went up last month, with inflation worse in the western states. Economists were hopeful it would be a little less. (Luke Sharrett/Bloomberg/Getty Images)

(Luke Sharrett/Bloomberg/Getty Images)

SALT LAKE CITY –The Consumer Price Index went up again last month, with inflation worse in the western states.

It’s no surprise that the numbers are up again. However, economists were hopeful the index would be a little less. Instead, Americans have been hit with a 3.1% increase in consumer prices over the last year. The number is a bit higher, 3.3%, in western states. It is lower than the 8% the government reported in previous months.

“Geography matters sometimes, especially for things like energy,” said Deseret Mutual Benefit Administrators certified financial planner Shane Stewart. 

However, Stewart also said sometimes we’ll have lower numbers in the west.

The Federal Reserve Board, according to Stewart, won’t likely cut rates quite yet.

“We’re waiting for it to continue to go down closer to 2% before the Fed will start rate cuts,” he said.

“And what that means to consumers is things will become a little more affordable, especially things like housing.”

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Consumer Price Index increases by 3.1%, inflation worse in west