Consumer prices remained flat from July to August, according to the Zions Bank Wasatch Front Consumer Price Index (CPI) released recently. The index has grown 3.4 percent since August of last year. The majority of this growth has been caused by increased housing costs, as well as climbing prices within the transportation sector, according to Zions Bank.
The national Consumer Price Index increased 0.3 percent from July to August and has increased 1.9 percent since this time last year.
Year-over-year growth in the CPI is largely attributable to statewide housing price increases. According to the index, 64 percent of overall cost of living increases within the state are attributable to housing costs, including increased apartment rental rates. Twenty-three percent of the year-over-year CPI increase can also be explained by rising prices within the transportation sector, especially price increases for gasoline and fuel.