Discover the reasons behind the skyrocketing prices in the current market. Tune in and subscribe to Opening Bid available on Apple Podcasts, Spotify, YouTube, and other podcast platforms. If you’ve noticed that you’re paying more for less across various establishments, you’re not alone.
Since January 2020, prices for everyday items have increased by an average of 25%, according to Apollo Global Management chief economist Torsten Sløk in a discussion with Yahoo Finance Executive Editor Brian Sozzi on the Opening Bid podcast. With a career focused on understanding investor and consumer behaviors, Sløk emphasized the ongoing scrutiny on rising costs, including groceries.
Recent data from the January Consumer Price Index (CPI) indicated a 3% year-over-year increase and a 0.5% rise from December. This marked the largest monthly spike in CPI since August 2023. Core prices for essentials like insurance, medical care, and vehicles saw a 3.3% jump compared to the previous year.
Eggs, a notable item in the CPI report, surged by 15.2% in December and 53% year over year, driven partly by the bird flu outbreak. Some experts suggest that egg prices are currently at a 45-year high. Last year, a dozen eggs averaged at $2.52, but now, some stores in New York City are selling individual eggs due to the price surge.
Despite inflation easing (currently at 3% from 9% growth), Sløk pointed out that price levels rarely decrease. He emphasized the importance of maintaining stable prices to avoid scenarios like deflation during economic downturns, which historically led to high unemployment rates.
While goods and services like housing, tuition, and healthcare have become more costly, wages have also increased, offering some relief to consumers facing higher prices. Understanding the market dynamics and how they affect inflation is crucial for navigating these economic challenges. Join Brian Sozzi on Opening Bid for more in-depth discussions with industry leaders and market experts.
Ams is a writer for Yahoo Finance. Click here for in-depth analysis of the latest stock market news and events moving stock prices. Read the latest financial and business news from Yahoo Finance.
