A new report from a congressional study released this week found that Utah and the Mountain West is being hit the hardest by recent inflation.
The study from the Congressional Joint Economic Committee shows that, on average, Utah families are spending $511 more per month than they did compared to the same time last year.The study found, the Mountain West is experiencing the highest inflation in the country with an annual rate of 9.0 percent, largely driven by rising home and rent prices.
The study found, shelter costs in the mountain region are rising nearly twice as fast as the national average. By comparison, people living in the southeast region of the U.S. are seeing the slowest inflation. With an added $331 spent on average per month.During his State of the Union address this week, President Joe Biden vowed to combat inflation and rising costs by taking more action to fix supply chain issues.
Earlier this month, Utah's Senator Mike Lee blamed the inflation on government spending, but also agreed that supply chain issues have had a large impact on rising costs. “Here’s the tricky thing about inflation,” said Lee. “Not always, but generally speaking, when prices go up, they tend to not go back down right away.”
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