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Inflation has hit paychecks pretty hard this year as it is at a 40-year high . Decision makers in Washington, D.C. are hoping to see inflation go down. In fact, the Federal Reserve hiked interest rates by another three-quarters of a percentage point in October, putting the rate at 3.75 percentage points, up from zero in March. And while fuel prices have slowly decreased from record levels nationally and statewide, the average price of gas in Wyoming is $3.62 per gallon, up from $3.49 a year ago. Jared Bernstein is a member of the Council of Economic Advisers for the White House, and tackling inflation is part of his job. Wyoming Public Radio's Caitlin Tan asked him how the White House is thinking about tackling inflation and increased fuel prices in rural areas.
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This year, inflation has reached a 40-year high, and it has largely been felt at the gas pump. Those in Washington D.C. have ideas about how to tackle inflation, especially in rural areas like Wyoming.
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Financially things are looking good for the state of Wyoming, according to a new report; however, the governor warns some future concerns remain.
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The American Automobile Association reports that the national average price has dipped 9 cents over the last week to $3.79 a gallon. Even though demand is up slightly, it is lower than it was this time last year.
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During 2020 and 2021 there were closures due to the pandemic. Kaedon Berry with Live a Little Entertainment Group out of Idaho said that affected their bottom line. But since rallies are largely held outside he's seen the sport bounce back. He sees a renewed interest in the sport, which he thinks is great, but operation costs can be expensive.
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Yellowstone National Park saw visitation decrease by almost half last month compared to summer 2021, and one gateway community is feeling the slump too.Last year in June, Yellowstone saw 938,845 visits, and this year it had 536,601 visits. According to a park press release, this is largely because of the historic flooding that shut down the park in early June.
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A group of stakeholders has started looking at how to address high gas prices in the state, but the consensus is bringing prices down might not be so easy.The Wyoming Gas and Diesel Price Working Group was assembled this summer by Wyoming Governor Mark Gordon in an attempt to lower gas prices for consumers. After a series of public meetings, the goal is for the group to provide a recommendation to the governor.
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Across the country inflation rates are at all time highs, which are affecting many industries. Here in Wyoming, ranchers and farmers are also feeling the costs.The current average price of diesel in Wyoming is $5.69, which is more than a $2 increase since this time last year. With the haying season approaching, ranchers need diesel to fuel their equipment. They also need it to go out and check and move cows.
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Gas prices have been on the rise nationwide, the result of several factors, including the effects of the pandemic, supply chain issues and Russia's invasion of Ukraine.
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Prices in the Mountain West are soaring. The Labor Department reported this week a year-to-year inflation rate of 8.5%, the highest rise in consumer prices since 1981. Broken down by region, the Mountain West stands out with a 10.4% spike.