Transportation Costs Push Zions Bank Consumer Price Index Up
The Zions Bank Consumer Price Index increased 0.1 percent in April compared with March on a seasonally adjusted basis. Aaron Anderson is a Director at the Cicero Group, which conducts the survey for Zions. He says transportation cost increases including the price of new cars were the driving force behind the up-tick.
“Although consumer did not spend substantially more on gasoline in April than they did in March, gasoline prices did begin to move drastically higher toward the end of April,” says Anderson.
Travis Smith is the owner of Blue Plant Scooters on 21st South in Sugarhouse.
He says the jump in gas prices is drawing more customers to his store but compared to last year they are spending significantly more while they’re there.
“And so we’re seeing a lot more people coming in for new helmets rather than keeping their old one because they have a little bit more money in their pocket. The apparel that’s on the walls, that was stuff that last year we didn’t have here,” Smith says.
Gasoline prices are expected to continue to increase through the first part of July when the peak traveling season begins to taper off.