SALT LAKE CITY — Consumer prices had the largest decline in almost three years last month.
According to a report released Wednesday, the Zions Bank Wasatch Front Consumer Price Index fell by 0.7 percent from November to December — the most since 2009.
The Bureau of Labor Statistics reported that the national, non-seasonally adjusted CPI decreased by 0.3 percent. The decline was driven by falling gasoline prices in Utah and across the United States. Fuel prices in Utah followed the downward national trend, driving down transportation prices 3.9 percent month-over-month.
Transportation costs account for almost 20 percent of the average Utahn’s monthly expenditures, so falling prices in this area can have a profound impact on consumer spending, the report states. Housing prices, including rent and hotel fees, also decreased 0.2 percent from November to December, while conversely, U.S. housing prices increased by 0.1 percent.
Most of the other goods that make up the CPI increased in price in December.
“Gasoline price fluctuations were a big story in 2012,” said Zions Bank President and CEO Scott Anderson. "Volatility defined much of the economy in 2012, and still we here in Utah are much better off than we were 12, 24, or 36 months ago.”
- About Utah: They're best in the world
- 3 tips for traveling cheaply
- Survey finds fewer women working now than in...
- Fox News blocked from Dish Network
- What people never mention when they talk...
- Survey says parents spend $532.87 a month to...
- California puzzles over safety of driverless...
- Big changes coming to Cuba tourism with US...
- NYC premiere of Rogen film 'The... 8
- US consumer prices fall in November 4
- Sony hack adds to security pressure on... 3
- What people never mention when they... 3
- About Utah: They're best in the world 3
- Survey finds fewer women working now... 2
- US current account deficit rises to... 1
- Incoming Senate Majority Leader Mitch... 1