Rising housing and gasoline costs lifted the inflation rate over the past year along the Wasatch Front to 3.9 percent, the biggest annual increase since September 2012.
The Zions Bank Wasatch Front Consumer Price Index (CPI) rose 1.9 percent from March to April alone, solidifying the year-over-year figure, which was considerably higher than the 2.5 percent inflation rate measured by the National CPI.
In a market already facing a price-boosting shortage of homes on the market, climbing interest rates are making mortgages more expensive. The housing shortage also is contributing to higher rental rates for apartments, said Zions Bank President Scott Anderson.