since hitting 9.1% last June, the highest rate in over 40 years. The report found the year-over-year inflation rate in January came in at 6.4%, down slightly from December's 6.5% rate.inflation rates far outpacing the national average
But while overall inflation eased in January, Tuesday's Consumer Price Index Summary from the Labor Department, found prices rose 0.5% from December to January after bumping up .1% from November to December. January's price increases were driven primarily by rising costs for shelter — by far the largest — with the indexes for food, gasoline and natural gas also contributing, per the federal report.
Bennett said her family is working hard to find savings like consolidating errands that require driving and putting off trips to visit family members in Nevada and California — outings that have become too costly in the current economy. Dan Jones & Associates conducted the poll of 802 registered Utah voters Jan. 23-30. The results have a margin of error of plus or minus 3.46 percentage points.Economists say ongoing inflation is being buoyed by a robust U.S. labor market that added a surprising 517,000 jobs in Januaras unemployment slipped to 3.4%, the lowest rate since 1969.
"It is a good thing that the disinflation that we've seen so far has not come with weakening in the labor market," Powell said at a press conference following the Fed's January board of governors meeting.