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Show Page 8 The Ogden Valley news Volume XXII Issue IV February 1, 2014 Falling Gasoline Prices Pull Wasatch Front Consumer Price Index Lower For the Fourth Consecutive Month SALT LAKE CITY, Utah; January 16, 2013 — The Zions Bank Wasatch Front Consumer Price Index (CPI) decreased 0.2 percent from November to December on a non-seasonallyadjusted basis. Over the last twelve months, prices have increased in Utah by 1.8 percent. The national Consumer Price Index, released by the Bureau of Labor Statistics, was unchanged from November to December on a non-seasonally-adjusted basis and has increased 1.5 percent over the past twelve months. Falling gasoline prices across Utah once again brought about a decrease in the CPI, as Utahns paid about 5 percent less for gasoline in December than they did in November. The average price for gasoline during the month of December was about $3.06, compared to November’s average of $3.21, and the average price has now fallen for five of the past six months. Unlike last year’s gasoline price decline that continued through January, this year’s gasoline prices appear to have troughed in December. Early reports from AAA have shown that gasoline prices in Utah have been increasing modestly in January. The average price of gasoline in Utah was $3.07 per gallon at the end of 2013, and through the first week of January, the average price had already risen to $3.13 per gallon. Housing prices—which include rent, hotel room rates, and the purchase of common household appliances—fell 0.3 percent due to lower hotel room rates and a slight decrease in rent. Housing prices have now declined for two straight months after increasing each of the prior four months. Although housing prices experienced a small decline, there is still significant reason to be optimistic about Utah’s housing sector as a whole, and prices will likely begin to rise again in the coming months. Zillow, an online real estate marketplace, included Salt Lake City at the top of its list of 10 housing markets likely to see heavy demand for homes and increasing home values in the coming year. Zillow based its rankings on unemployment rates, population growth, along with proprietary systems for forecasting home values. Greater demand for homes UTAH RANKINGS cont. from page 1 According to the study, there is an 11.5 percent chance that a child born in the bottom economic quintile in Salt Lake City could end up in the top economic quintile in his or her life. The fabled American Dream is more likely to be achieved in Salt Lake City than any other U.S. city. One consistency between the two studies is the top rankings for cities in Texas, California, Washington, and Utah. The West is maintaining a reputation as the place to be for technology and entrepreneurship. Combine the growth Utah is experiencing in the technology sector with the quality of life, strong workforce and will not only increase home values, but also could lead to an increase in rental costs and the prices of household appliances across the valley. Offsetting the declines seen in transportation and housing to a degree, food prices jumped in December. Food at home, up 0.6 percent monthover-month, increased primarily due to rising prices for produce. This marks the second month in a row where prices for produce products have risen, and is likely due to frosty weather in Chile. Chile is one of the largest suppliers of fresh fruit in the world, and is an especially important source of fresh fruit for the United States during the winter months. The country experienced the coldest fall temperatures in 80 years, which damaged several fruit farms and sent fruit prices soaring. According to a report by AccuWeather and the Chilean Fresh Fruit Exporters Association, the unexpected frost damaged about 20 percent of the winter fruit crop and cut the volume of certain fruit exports by half. In other categories, food away prices, up 0.8 percent, rose for the second consecutive month. Clothing prices increased 0.8 percent as prices for men’s and women’s apparel rose, while prices for children’s apparel slightly decreased. Utility prices slightly increased again in December, up 0.5 percent, after jumping 2.2 percent in November. Prices for both recreation and medical care increased 0.2 percent, while prices for education and communication inched slightly higher. Other goods and services, which only comprise 3.1 percent of a typical Utahn’s monthly expenditures, increased 0.6 percent. “Once again, we saw gasoline prices fall across the state of Utah, giving Utahns a little extra discretionary income in the midst of the holiday spending season,” said Scott Anderson, Zions Bank president and CEO. | Analysis and data collection for the Zions Bank CPI and the Zions Bank Consumer Attitude Index are provided by the Cicero Group. The Cicero Group is a premier market research firm based in Salt Lake City. The Zions Bank Utah Consumer Attitude Index will be released January 28, 2013. Additional information is available at <www.zionsbank.com> low operating costs and it is easy to see why technology companies are seeing Utah as “the place” to do business. About the Utah Governor’s Office of Economic Development (GOED) The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. For more information please contact visit the web at business.utah. gov or contact Michael Sullivan at 801-538-8811 or <mgsullivan@utah.gov> The Blue Coyote Café Comes to Eden Chef John Ewing has decided to fill a couple of needed culinary and artistic time slots in Eden. The first is breakfast from 8:00 a.m. to noon, Thursday through Sunday. The second is après ski on Sunday from 2:00 Dennis King and Barbara Foulger are on display at the restaurant. Both are Eden residents. On- and off-premise catering is available, as well, from the Blue Coyote Cafe. to 4:00 p.m. Breakfast offerings include a fabulous buffet, the chief’s famous burrito, and the snarl, growl, and howl. Après ski affords the opportunity to see and hear some wonderful local talent (Che Zuro, and Christian Scheller as two examples), while dining on homemade antipasto, or the quesadilla of the day. In addition, artwork by of local painters John is a Culinary Institute of America graduate, and has traveled extensively. His influences are Caribbean, German, Indian and Italian. The Blue Coyote’s mission is simple—to provide fresh, quality food prepared in innovative ways utilizing locally-sourced products when available. The Blue Coyote is located in the cozy waterfall room below Harley and Bucks at 3900 N. Wolf Creek Drive in Eden. For more information, call 954-478-4950. Like us on Facebook. Need a Makeover? – A Money Makeover That Is By Dave Ramsey Note: Financial Peace University representatives are coming to Ogden Valley beginning February 3. They will provide instruction at the Weber County Ogden Valley Branch Library. If you’re unfamiliar with Financial Peace University or its founder Dave Ramsey, the article below is a good introduction. For more information about the course, call 801-745-7407. It seems like every day I get an e-mail or a call in to the radio show telling me it is impossible to save any money, dump debt, or invest using the money you bring home each month. WRONG! Personal finance is eighty percent behavior and twenty percent head knowledge. The problem isn’t knowing what to do with your money, it is knowing how to do it. The math of wealth building is not rocket science, it is simple math. But you have to DO IT! The problem most people have with their money is not knowing where it goes every month. The money came in and the money went out and only the names were changed to protect the innocent. I have received stories of people from all economic levels who are changing their financial futures using their greatest wealth building tool—their income. What do these people do that the others don’t? They budget! The Dreaded “B”-word - Unfortunately, the word budget has gotten a bad reputation, but really it is just a plan for your money. I have seen thousands of families turn their financial lives around and virtually none of them have done so without creating a written budget every month. You wouldn’t build a house without a blueprint, so why do you spend your lifetime income of over $2 million without a blueprint? When you budget, you’re spending your money on paper, on purpose, before the month begins. Start by adding up your monthly income, then list all of your monthly bills, savings, and debts, and match them up until you have given every income dollar an outgo name. Be sure to include a monthly payment to funds for your non-monthly items such as car insurance, taxes, and Christmas (yes, start planning ahead so you can pay cash). There should not be a penny left without a place to go. We are creating what is called a zero-based budget. Income minus outgo equals zero every month. “But Dave, I’m in sales and I don’t make the same amount every month.” If you have an irregular income due to commissions, selfemployment, or bonuses, use an irregularincome planning system based on a prioritized spending plan. But you still must do a written budget before each month begins! If you are in the red after you have done your budget, you need to look at your bills. Is your car payment half of your monthly income? Are you spending hundreds of dollars eating out each month? You need to look at what you are spending your money on and see how much “stuff” you can amputate! If you are paying $50 MONEY MAKEOVER cont. on page 15 |