Local News
Gas prices have an outsized impact on inflation
Provo, Utah — Russian invasion of Ukraine hit the world economy at a time it was already rocked by pandemic inflation.
According to BYU economist Christian vom Lehn, that’s especially true when it comes to gas prices.
“The price of gas has increased by about $1.50 nationally, and about $0.75 to $1 of that happened prior to the invasion of Ukraine,” vom Lehn said.
According to vom Lehn, the volatility of gas prices has an outsized impact on current inflation. Gas prices are volatile and will likely fall as supply chain issues ease, he said.
“The good news is much of the pain will be temporary and not long-lasting,” said vom Lehn.
-
Local News1 week ago
The Draper rock snake outgrows its house and makes its way to Utah Arts Alliance
-
Local News2 weeks ago
A large number of people start running in the Salt Lake City Marathon
-
Local News2 weeks ago
Using a deck of cards, a Utah man hopes to overcome his fear of flying
-
Local News2 weeks ago
Procedure for securely bringing prisoners from Utah to court
-
Local News2 weeks ago
All downtown companies should benefit from the rising wave of the Utah NHL
-
Local News1 week ago
Two more names are added to the Utah NHL team’s trademark list
-
Local News2 weeks ago
Utah may amend its regulations on foreign students participating in high school sports
-
Local News1 week ago
As the new city manager of West Valley City, a former NFL player takes the helm
Leave a Reply