Inflation in Utah

Utah seems to be in a favorable economic position. Its inflation is near 1.5% – a full percentage point below the national rate, and its unemployment rate is only 3.5%. Indeed, Utah’s inflation rate is below the national 15-year average (2.6%), while its unemployment rate is well below the state’s 15-year average (4.1%).

Figures 1, 2, and 4 from the interactive dashboard: Current year-over-year inflation rate for all U.S. urban areas and the four primary inflation subcategories.

When considering inflation and unemployment, Utah’s economy is doing very well. That said, there are issues to consider. For example, shelter seems to be the primary driver of inflation, accounting for more than half the total inflation rate.  It is also important to note that housing costs represent the largest portion of household budgets – especially at the lower end of the income scale. 

 

Most Recent Inflation Dashboard – Updated with October 2024 Data

 

The Utah Foundation’s interactive dashboard allows residents is to:

  1. Explore current rates.
  2. Compare rates for Western and Mountain States urban areas.
  3. Break down the overall rate into major components.
  4. Highlight some specific factors of interest.

The interactive dashboards represent a point-in-time snapshot. Our full list of dashboards are included below:

You can also read additional Utah Foundation research on inflation and the economy at large.