August 16, 2013

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Article

Zions Bank Consumer Price Index Shows Prices Increased 0.2 Percent in July

Press Release

August 16, 2013

Salt Lake City — The Zions Bank Wasatch Front Consumer Price Index (CPI) increased 0.2 percent from June to July, as an increase in housing prices more than offset a fall in transportation costs. Over the last twelve months, prices have increased in Utah by 2.1 percent on a non-seasonally adjusted basis. By comparison, prices across the U.S. have increased at a rate of 2.0 percent year-over-year, with an increase of less than 0.1 percent from June to July, as reported by the Bureau of Labor Statistics.

An increase in housing prices offset a fall in transportation costs this month. Utahns paid approximately 2 percent less for a gallon of gasoline on average in the month of July than they did in the month of June, and Utahns saw about a 3 percent increase in hotel room rates.

Overall, prices along the Wasatch Front increased 0.2 percent (non-seasonally adjusted) in July, while national prices increased less than 0.1 percent (non-seasonally adjusted).

Zions Bank Consumer Price Index Summary: 

Food at home

The price of produce jumped about 2.5 percent from June to July, which drove food at home prices up 0.9 percent.

Costs of food at home — including meats, fresh produce, wheat and dairy — account for 8.4 percent of a typical Utahn’s consumption.

Food away

Food away prices decreased 0.2 percent from June to July due to a decrease in the price of certain alcoholic beverages.

Costs of food away — including full service meals, fast food and alcoholic beverages — account for 7.0 percent of a typical Utahn’s consumption.

Housing

Housing prices increased 0.5 percent in July. Hotel room rates increased about 3 percent.

Costs of housing — including rental costs, home maintenance and hotel rates — account for 34.7 percent of a typical Utahn’s consumption.

Utilities

Utility prices jumped 1.7 percent from June to July due to an increase in the cost of residential natural gas.

Costs of utilities — including electricity, gas, water and garbage —account for 4.4 percent of a typical Utahn’s consumption.

Clothing

Prices for children’s apparel increased in June, pushing clothing prices up 0.2 percent.

Costs of clothing — including, women’s, men’s and children’s apparel— account for 4.8 percent of a typical Utahn’s consumption.

Transportation

Gasoline prices fell last month, causing transportation costs to decrease 1.0 percent.

Costs of transportation — including new and used vehicles, gasoline and airfare — account for 19.2 percent of a typical Utahn’s consumption.

Medical care

Medical care costs decreased slightly last month – down 0.1 percent.

Costs of medical care —including prescription drugs, medical care services and nursing home services — account for 6.4 percent of a typical Utahn’s consumption.

Recreation

Recreation prices increased 0.6 percent from June to July as prices for cable / satellite TV increased.

Costs of recreation —including electronics, sporting goods, club fees and pet products —account for 5.8 percent of a typical Utahn’s consumption.

Education and communication

Prices for education and communication decreased 0.1 percent as the price of internet service decreased in some areas last month.

Costs of education and communication — including college tuition, personal computers, Internet and telephone —account for 6.2 percent of a typical Utahn’s consumption.

Other goods and services

Prices for other goods and services increased 1.4 percent from an increase in the cost of certain personal services from June to July.

Costs of other goods and services —including tobacco products, cosmetics and personal care products — account for 3.1 percent of a typical Utahn’s consumption.

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