How much is inflation costing Utah families each month?

Mar 2, 2022, 6:33 PM | Updated: Jun 19, 2022, 9:49 pm

SALT LAKE CITY – Inflation is costing Utah households and those in other Mountain West states an extra $511 every month, markedly higher than the national average increase of $385 per month, according to a new Congressional report.

The report was released by Republicans on the Joint Economic Committee where Sen. Mike Lee, R-Utah, is the ranking member.

“The Mountain West is experiencing the highest inflation with an annual rate of 9 percent, largely driven by rising home and rent prices; shelter costs in the mountain region are rising nearly twice as fast as the national average,” the report said.

Nationally, the inflation rate reached 7.5% in January, the fastest increase since the beginning of 1982.

“Americans in the Mountain region—Utah, Colorado, Arizona, New Mexico, Montana, Idaho, and Wyoming—are experiencing the highest inflation rates with over $500 in added household costs in January,” the report went on to say.

The report emphasizes that Americans’ experiences with inflation can vary depending on where they live. For example, those in the East South Region are seeing the lowest monthly inflation costs of an added $331 per month.

Sen. Lee said the government’s response to the pandemic, with stimulus checks and enhanced unemployment, fueled inflation.

“To flood the entire economy with that much money results in what people describe as too many dollars chasing too few goods—that’s the very definition of inflation,” Lee said in an interview with KSL-TV. “But Americans know that better as just a circumstance in which everything costs more.”

Lee blamed the inflation on the Biden administration’s “failed economic policies.”

“There is nothing that I’m more concerned about than this from one day to the next in the United States Senate,” Lee said. “This is something I’m focusing on aggressively in large measure because I know that so much of this has been created by government.”

During his State of the Union address on Tuesday night, President Joe Biden addressed inflation and outlined a plan to fight rising prices by focusing on manufacturing, supply chain issues and the cost of child care.

“Too many families are struggling to keep up with the bills,” Biden said. “Inflation is robbing them of the gains they might otherwise feel. I get it. That’s why my top priority is getting prices under control.”

The report from Lee and his Republican colleagues predicted that Americans are unlikely to get relief from high inflation in the near term.

“As inflation increases, so does the monthly cost to American families—added costs that Americans will continue to face moving forward, regardless of whether inflation reverts back to normal levels, now that price levels have permanently shifted upward,” the report said.


Contributing: The Associated Press

KSL 5 TV Live

Top Stories

Unaffordable Utah

County leaders broke ground Friday to transform two public housing buildings into modern affordable...
Jed Boal, KSL TV

Work begins on 300 affordable housing units for Salt Lake seniors

Salt Lake County made a big move Friday to preserve and improve nearly 300 affordable housing units for seniors.
3 months ago
Ladd Egan, KSL TV

Home valuations jump dramatically, but watchdog group says to expect modest increase in property taxes

Assessors across Utah are finishing up home valuations for upcoming property tax notices, and two counties are already reporting big increases in values.
4 months ago
Utah's hot housing market...
Ladd Egan, KSL TV

Utah housing expert predicts pullback in activity because of mortgage rates

An expert in Utah’s housing market expects that rising mortgage rates will cause a pullback in real estate activity and a slowdown in home price increases.
4 months ago
Lauren Steinbrecher, KSL TV

SLC neighborhood townhall raises questions over Affordable Housing Incentives proposal

Thursday night, concerns arose at a community townhall in a Salt Lake City neighborhood over an affordable housing incentives proposal, that some worry is deeply flawed.
4 months ago
Ladd Egan, KSL TV

Unaffordable Utah: Budget-friendly family summer fun

After two summers of pandemic restrictions, Utah families are itching to have some fun. If inflation, gas prices, and sky-high plane tickets are taxing your budget, don't worry! KSL has the solutions.
5 months ago
Ladd Egan, KSL TV

National home builder confidence drops to two-year low

For the fifth straight month, national home builder confidence fell, according to the National Association of Home Builders/Wells Fargo Housing Market Index.
5 months ago

Sponsored Articles

Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
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: Ask these questions 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.
Cloud storage technology with 3d rendering drawer with files in cloud...
PC Laptops

How backing up your computer can help you relieve stress

Don't wait for something bad to happen before backing up your computer. Learn how to protect your data before disaster strikes.
young woman with stickers on laptop computer...
Les Olson

7 ways print marketing materials can boost your business

Custom print marketing materials are a great way to leave an impression on clients or customers. Read for a few ideas to spread the word about your product or company.
young woman throwing clothes to organize a walk in closet...
Lighting Design

How to organize your walk-in closet | 7 easy tips to streamline your storage today

Read our tips to learn how to organize your walk-in closet for more storage space. These seven easy tips can help you get the most out of your space.
Types of Computer Malware and Examples...
PC Laptops

5 Nasty Types of Computer Malware and Examples | Everything You Need to Know to Keep Your Computer and Family Safe

Here are the different types of computer malware and examples that could potentially infect your computer.
How much is inflation costing Utah families each month?