Cost Of Living Dropped Slightly In October Despite Rise In Medical Care

November 19, 2009-- by PR or News Wire

In October, the overall Consumer Price Index along the Wasatch Front fell -0.3 percent – compared to the national increase of 0.1 percent (non-seasonally-adjusted) and 0.3 percent after seasonal adjustment – according to the Wells Fargo Consumer Price Index and the U.S. Bureau of Labor Statistics data released today.

Transportation costs along the Wasatch Front were down -0.5 percent in October for the first time since June 2009. Average transportation costs in Utah over the past six months remained -12.6 percent below the average cost for the same six-month period in 2008 (May through October). Nationally, transportation costs in October increased 0.8 percent, and were down -11.1 percent compared to the same six-month period in 2008. Crude oil prices – currently at $79 a barrel – continued to be impacted by a weakened U.S. dollar and investor optimism about an economic recovery.

Locally in October, the 3.5 percent increase in Medical Care was the most noticeable category and was driven by higher costs for office visits at the family physician. The
0.4 percent increase in Food Away, as well as the 1.8 percent increase in Recreation, were offset by Food at Home (-0.3 percent), Housing (-0.6 percent), Utilities (-2.6 percent), Clothing (-4.1 percent), Transportation (-0.5 percent) and Other Goods and Services
(-0.7 percent).

Since the inception of this report in February 2008, the overall cost of living in Utah has increased a cumulative 2.6 percent, compared to a 2.1 percent increase on the national level.
The Wells Fargo Consumer Price Index is provided as a free benefit to the Wasatch Front communities Wells Fargo serves. Price data for the Wells Fargo Consumer Price Index is
computed by Cicero Research, a premier market research firm based in Salt Lake City.

In Utah, Wells Fargo has more than 4,200 team members and serves nearly half a million consumer households across the state from more than 160 locations, including 132 banking stores. Wells Fargo & Company is a diversified financial services company with
$1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet
(wellsfargo.com) across North America and internationally.