Gas prices down as consumer price index holds steady


filling up car with gas

The cost of filling up your gas tank in the month of July fell to its lowest level during that time period in five years, a new report shows. | Adobe Stock

SALT LAKE CITY — The cost of filling up your gas tank in the month of July fell to its lowest level during that time period in five years, a new report shows.

The Zions Bank Wasatch Front Consumer Price Index was essentially unchanged from June to July. The local index grew 2.6% year over year, while the national consumer price index rose 1.8 percent since July 2018.

The main reason for the overall price decline was falling gasoline prices, explained one local economic analyst. Cicero Group principal Chad Berbert said fuel prices applied downward pressure on overall consumer prices along the Wasatch Front.

“As the prices come down, it’s generally helpful for Utah consumers,” he said. “Not only are they paying less for gas, it also can affect goods prices because of transportation costs, which affects what it costs to get things to market.”

The cost of gasoline fell about 20 cents a gallon from June to July, resulting in a nearly 3% drop in transportation prices, the report stated. It was the largest month-to-month decline in transportation prices in the month of July since 2014.

Overall, transportation prices have fallen 3.6% since July of last year — the continuation of a downward trend that has lasted for three straight months.

Meanwhile, the rising cost of housing along the Wasatch Front continues to put upward pressure on overall consumer prices, Berbert said.

“We’re still a little higher than the nation when it comes to consumer price increases year over year,” he said. “A lot of that is driven primarily by housing prices.”

The cost of housing rose 1% in July on a non-seasonally adjusted basis …read more

Source:: Usa latest news

      

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