How much does inflation affect those in Utah who have lower incomes?

SALT LAKE CITY –– New inflation figures from the Joint Economic Committee, headed by Senator Mike Lee, show that inflation in Utah is up 15.4% compared to January 2021.

DNBA Personal Financial Planner Gerika Espinosa said she sees inflation having a greater impact on low-income families.

“Most of their budget is spent on gas, food and shelter. Those are the main components of the inflation numbers,” Espinosa said.

Gas prices have fallen slightly over the past month.

Inflation in Utah

But food prices have risen 10 percent in the last year, according to the latest government data.

“The biggest thing we worry about is people going into debt or putting it on a credit card and thinking, ‘Oh, next month will be better,'” Espinosa said. “And while things are getting better, we don’t think it will improve overnight.”

Utah Food Bank President Ginette Bott said they see an ongoing need.

“We had hope that these numbers would go down after the pandemic ended and work resumed. And that just didn’t happen. They stay very, very high,” Bott said.

Bott also said they’re still receiving a good amount of donations. But they could always use more volunteers.

Everything a family needs has increased,” Bott said.

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