This is Derek Miller, Speaking on Business. The Utah Foundation seeks to help decision-makers and citizens understand and address complex issues. President Shawn Teigen joins us with more about recent inflation trends.
SHAWN TEIGEN:
Until recently, most of us never really talked about inflation… but now it seems like we are all experts.
As part of the Utah Foundation Misery Index, we’ve studied inflation and three other factors to find that Utah has consistently performed well relative to the nation. However, our Misery Index spiked in 2022 due to high inflation.
But don’t want to decrease inflation too fast, even to reach the Fed’s 2% target rate. So to achieve that target for the year ending April 2023 would have meant almost 1% deflation in April alone to balance out the previous 11 months.
Once May and June of last year fall from that annual inflation data calculation, the target rate might become attainable. We’ll find out more with the May and June of this year inflation data releases.
Utah may then return to a lower level of financial misery given that lower inflation level, our nation-leading unemployment rate, and a continued economic growth.
DEREK MILLER:
The Utah Foundation’s mission is to produce objective, thorough and well-reasoned research and analysis that promotes the effective use of public resources. For more information, visit the Utah Foundation website. I’m Derek Miller with the Salt Lake Chamber, Speaking on Business.
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