Feb 15, 2025, 2:00 PM
Soaring Costs: The Impact of Inflation on Everyday Life
In a recent episode of the *Opening Bid* podcast, Apollo Global Management's chief economist, Torsten Sløk, discussed the ongoing inflation concerns. Since January 2020, average prices have risen by 25%, with January 2024's Consumer Price Index (CPI) showing a 3% year-over-year increase and a 0.5% rise from December. Core prices for essentials like insurance, medical care, and vehicles increased by 3.3% annually. Notably, egg prices surged by 15.2% in January, marking the highest monthly increase since June 2015, driven by the bird flu epidemic. Sløk emphasized that while inflation is slowing, prices are unlikely to decrease significantly, as deflation could lead to severe economic downturns like those seen in the 1930s. Key contributors to the cost-of-living increases include housing, tuition, and healthcare.