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.”

Related stories:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Business + Economy

Utah small business...

Adam Small

Several small Utah cities named best in country for starting businesses

Utah boasts several small cities that are ranked among some of the best in the country to start up a small business.

22 hours ago

A car is filled at a gas pump in Sandy on Tuesday, March 19, 2024. Hurricane season could affect ga...

Britt Johnson

Hurricane season could mean bad news for Utah gas prices

Hurricane season is expected to be intense this year, and while none of them should hit Utah rising gas prices probably will. 

4 days ago

The Delta Center shown...


League approves new NHL team in Utah, owned by Ryan, Ashley Smith

The NHL Board Of Governors approved the establishment of a new hockey franchise (previously Arizona Coyotes) in Utah by Ryan Smith.

5 days ago

slc skyline, the state has introduced the Startup State Initiative...

Heather Peterson

Utah launches Startup State Initiative to help entrepreneurs and small businesses

The Startup State Initiative helps Utahns conduct market research, create a business plan, or network with community partners.

5 days ago

An NYU study shows that people with volatile work schedules are more likely to have health concerns...

Emma Keddington

Volatile work schedules linked to burnout and health problems

A new study finds that volatile work schedules causes burnout and is detrimental to overall health.

5 days ago

Signs are posted for the 2024 Sundance Film Festival on Main Street in Park City on Thursday, Jan. ...

Collin Leonard,

Sundance Institute seeks proposals for future location of film festival

The institute is asking for formal proposals in an initial information-gathering period.

6 days ago

Sponsored Articles

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.


Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

Mother and cute toddler child in a little fancy wooden cottage, reading a book, drinking tea and en...

Visit Bear Lake

How to find the best winter lodging in Bear Lake, Utah

Winter lodging in Bear Lake can be more limited than in the summer, but with some careful planning you can easily book your next winter trip.

Happy family in winter clothing at the ski resort, winter time, watching at mountains in front of t...

Visit Bear Lake

Ski more for less: Affordable ski resorts near Bear Lake, Utah

Plan your perfect ski getaway in Bear Lake this winter, with pristine slopes, affordable tickets, and breathtaking scenery.

front of the Butch Cassidy museum with a man in a cowboy hat standing in the doorway...

Bear Lake Convention and Visitors Bureau

Looking Back: The History of Bear Lake

The history of Bear Lake is full of fascinating stories. At over 250,000 years old, the lake has seen generations of people visit its shores.

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