For the first time since January, prices along the Wasatch Front took a small step backward in October. The Zions Bank Wasatch Front Consumer Price Index (CPI) decreased 0.4 percent from September to October due mainly to seasonal changes in demand for apartment rentals and hotels and motels. Although the index has decreased slightly since September, the cost of living within the state is still up 3.3 percentfrom this time last year.
Meanwhile, the national Consumer Price Index decreased 0.1 percent from September to October and has increased 2.0 percent since October 2016.
Much of October’s cost-of-living decrease can be explained by seasonal decreases in demand for rentals. Month-over-month, housing prices have decreased 1.5 percent statewide. According to historical Wasatch Front Consumer Price Index data, overall housing prices typically fall during the month of October, as demand for housing and hotel rooms decreases significantly following the busy summer months. Prices in other areas of the economy remained relatively stable in October, a good sign for an economy that has witnessed relatively high levels of inflation in recent months.