Utahns concerned about high inflation rate, poll shows

Feb 10, 2022, 10:35 PM | Updated: Jun 13, 2022, 4:17 pm

SALT LAKE CITY — Inflation is up 7.5% over the last year — the fastest pace since 1982, according to the Consumer Price Index — and Utahns are concerned.

A recent Deseret News/Hinckley Institute of Politics poll of more than 800 Utah voters showed 93% are somewhat or very concerned about inflation.

“You’re going to feel it sooner or later, one way or another,” Utahn Cole Pennington said outside of a shopping strip in Sandy.

Pennington said for the most part, inflation hasn’t been noticeable for him and his family. But he says, “the biggest concern here is we know money is worth less. But we also see costs of goods going up. It has to eventually.”

“I guess it depends on what’s the most necessary to you to spend your money on in the moment,” said Montaria Tumbaga-Pierce, after stepping out of a grocery store in Sandy.

US inflation highest in 40 years, with no letup in sight

“Is it going to stop? I honestly hope. That would be ideal for it to stop if,” she said. “If it doesn’t, it will just be a matter of really survival at this point.”

But Nick Thiriot with the Kem C. Gardner Policy Institute says Utah is still in a better spot than most. He points to the state’s second-lowest unemployment rate at 1.9 % and its first-place rank in job growth at 3.7%.

“While the rest of the nation is still in the midst of a recovery from the pandemic, Utah’s economy is strong,” said Thiriot, who oversees communications at the institute.

A survey they conducted shows Utah Consumer Sentiment is up. In other words, Utahns felt slightly better off financially in January than in December.

But even with the improvement, Thiriot says overall sentiment is still the second-lowest on record, or when they began doing the survey in October 2020.

“So what this tells us is Utahns are still concerned about inflation and the effects of omicron and the delta variant,” he said.

There’s no real timeline for inflation. And just like with COVID-19, economists are waiting to see when it will peak. As KSL reported earlier this week, the Federal Reserve is looking at raising interest rates as a way to calm inflation.

“I think it’s important that we’re all fiscally prudent in these times of uncertainty,” Pennington said.

KSL 5 TV Live

Top Stories

Unaffordable Utah

House under construction...
Ladd Egan

Utah bill seeks to help first-time homebuyers

A bill making its way through the Utah Legislature would create a first-time homebuyer assistance program.
1 month ago
FILE: A for sale sign is pictured in Salt Lake City on Thursday, July 15, 2021. (Kristin Murphy/Des...
Britt Johnson, KSLNewsRadio

Utah ranks 45th in the country for affordable housing

It’s no surprise that housing is expensive right now, but it’s that way everywhere, right? Wrong.
1 month ago
Follow @KSL5TVLike us on Facebook...
Ladd Egan

Unaffordable Utah: Shift your budget to combat inflation

After battling high inflation for nearly two years and a rollercoaster of gas prices, experts say it’s time for Utahns to make some budget shifts to survive the persistent higher prices.
1 month ago
Follow @KSL5TVLike us on Facebook...
Tamara Vaifanua

Tips to reduce your utility bills this winter

A lot of Utahns are shelling out more to keep their homes warm this winter -- about 17% more due to inflation.
2 months ago
Brenda White cookies...
Matt Gephardt

Gephardt Busts Inflation: Rent prices down nationwide but very high in Utah

All over the country, the cost of rent is finally starting to go down. But that is not the case here in Utah.
4 months ago
Follow @KSL5TVLike us on Facebook...
Ladd Egan

Unaffordable Utah: Keep the holiday magic alive without breaking the bank

From the Thanksgiving turkey to the presents under the tree, the holidays are expected to be more expensive this year.
5 months ago

Sponsored Articles

Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to Choose What MBA Program is Right for You: Take this Quiz Before You Apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Close up of an offset printing machine during production...
Les Olson IT

Top 7 Reasons to Add a Production Printer to Your Business

Learn about the different digital production printers and how they can help your company save time and money.
vintage photo of lighting showroom featuring chandeliers, lamps, wall lights and mirrors...
Lighting Design

History of Lighting Design | Over 25 Years of Providing Utah With the Latest Trends and Styles

Read about the history of Lighting Design, a family-owned and operated business that paved the way for the lighting industry in Utah.
Fiber Optical cables connected to an optic ports and Network cables connected to ethernet ports...
Brian Huston, CE and Anthony Perkins, BICSI

Why Every Business Needs a Structured Cabling System

A structured cabling system benefits businesses by giving you faster processing speeds and making your network more efficient and reliable.
notebook with password notes highlighted...
PC Laptops

How to Create Strong Passwords You Can Actually Remember

Learn how you can create strong passwords that are actually easy to remember! In a short time you can create new ones in seconds.
house with for rent sign posted...
Chase Harrington, president and COO of Entrata

Top 5 Reasons You May Want to Consider Apartment Life Over Owning a Home

There are many benefits of renting that can be overshadowed by the allure of buying a home. Here are five reasons why renting might be right for you.
Utahns concerned about high inflation rate, poll shows