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SALT LAKE CITY (AP) -- Utah's consumer prices jumped substantially in March, according to the monthly Wells Fargo Cost of Living report.
The report released Wednesday said non-seasonally adjusted prices along the Wasatch Front increased 0.6 percent in March, compared to February's 0.2 percent increase.
Transportation costs led the way, increasing 2.2 percent.
The national Consumer Price Index rose by 0.5 percent in March, compared with a 0.3 percent increase the month before.
The Wells Fargo report said clothing prices increased by 1.5 percent, grocery prices climbed 1.3 percent and housing prices increased 0.1 percent. Health care, utilities, recreation and education were unchanged.
"Today may be the first time that we're seriously beginning to see some indications of the kind of economic recovery that we've all been speaking about and hoping for and looking for," said Kelly Matthews, Wells Fargo executive vice president and economist. "In the past month, there clearly have been some major market perception changes, including inflation."
Matthews said he's hopeful the higher prices will play an important role in a larger economic recovery.
"We are now seeing interest rates going up and the prospect that maybe the economy is strong enough" to allow companies to pass higher costs on to consumers, Matthews said.
(Copyright 2004 by The Associated Press. All Rights Reserved.)
