Inflation, cost of living up in past year

By Michael Illiano
The Sheridan Press
Via Wyoming News Exchange
 
SHERIDAN — Inflation, and the overall cost of living, increased in Wyoming over the last year, according to a report released by the Wyoming State Data Center’s Economic Analysis Division last week.
Inflation increased by 3.3 percent in the state as a whole during the second quarter of 2018.
The northeast region of the state, which includes Sheridan, saw the highest annual increase in inflation at 4.1 percent. Those numbers were slightly above the the national inflation increase of 2.9 percent.
The study considered prices in six consumer categories. Transportation saw the highest price increase, at nearly 9 percent, due primarily to a bump in gasoline prices. Apparel costs increased nearly 7 percent, medical costs just under 4 percent and housing and food costs increased by approximately 2 percent.
The sixth consumer category was recreation and personal care, which saw a minuscule decrease in costs.
The rise in inflation led to an overall increase in the cost of living throughout the state.
The Wyoming cost of living index is calculated by measuring inflation and the comparative cost of living index, which compares a county’s cost of living to the state average. Housing prices are the most significant factor in the calculation of the comparative cost of living index.
Teton County had the highest cost of living index, by far, at 158. For comparison, Sublette County had the second highest WCLI at 106. Sheridan was tied for fifth with a WCLI of 100, which is the state average.
Teton County also experienced the highest increase in housing costs, with the average apartment rental price increasing by over 13 percent, to $2,092, the average mobile home lot rental price increasing by 18 percent, to $581, the average house rental price increasing by just over 9 percent, to $2,695, and the average mobile home rental price increasing by over 10 percent, to $1,168.
The study showed rental rates in Sheridan increased slightly from the second quarter of 2017. The price of apartment rentals saw an insignificant increase of one dollar, with an average rental rate of $688. The average price of mobile home lots, though, increased about 11 percent, from $318 to $353. The average rental costs for houses also rose by just over 2 percent, from $1,031 to $1,055 and the average rental price for mobile homes increased from $568 to $584, a nearly 3 percent increase.
The report also mentioned, as other economic reports this year have indicated, that Wyoming is slowly recovering from an economic downturn that started in 2015, which contributes to the rising prices. Employment increased slightly over the past year, spurred on mostly by recovery in the mining industry, but has not returned to pre-downturn levels.