July 20, 2022
According to recent data from the U.S. Bureau of Labor Statistics, inflation in Utah has increased 10.4% since May 2021. This number is even higher than the current national average. It means a typical family of four is spending $700-$800 more per month on the same items they purchased a year ago.
“This is a challenging time for consumers,” said Melanie Jewkes, Utah State University Extension professor. “Inflation seems to be most noticeable at the gas pump and grocery store, and consumers are having to change the way they spend to accommodate the surging costs.”
To help navigate the challenges of inflation, USU Extension created a website with information and resources at extension.usu.edu/finance/inflation. It includes tips from Extension faculty, and new information will be added as it becomes available.
“This website provides a central location of our resources so users will have quick access to the help they need,” said Amanda Christensen, Extension professor and Accredited Financial Counselor.
Website topics include budgeting for emergencies, combating panic buying during inflation, teaching children about money management, positive conversations about money, and other topics. Also included are links to PowerPay, a free debt reduction tool; the Money Master online course; an Estate Planning Toolkit; Hidden Gems, free family fun guides for economical ways to play together as a family; and the Cutting Expenses Guidebook. There are also links to frequently asked finance questions.
“We hope these resources will benefit Utahns, who we know to be resilient and resourceful during tough economic times,” Christensen said.
Source: Utah State University Extension, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
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