Utah among states experiencing the fastest inflation

The Wasatch Back bathing in the morning sunlight. Photo: TownLift // Bailey Edelstein

PARK CITY, Utah — States in the Mountain West, including Utah, are experiencing the fastest inflation in the country, according to Bloomberg.

Utah, Wyoming, Idaho, Colorado, Arizona, Nevada, and Montana, are seeing inflation rates above 8%, according to December data from the Bureau of Labor Statistics.

The report says that high-income households are feeling surging costs more than those considered low-income, a reversal from the beginning of the pandemic.

“In the Mountain states, the 8.6% annual rate of inflation is almost 3 percentage points higher than the Middle Atlantic — New Jersey, New York and Pennsylvania, where price gains are the tamest nationally. Meanwhile, the New England area is seeing next-lowest rates with 6.2% inflation.” — Alexandre Tanzi, Bloomberg

The Federal Reserve signaled on Wednesday that it plans to raise its benchmark interest rate as soon as March.