Fifty years ago, in 1972, the price of a gallon of gasoline was approx.

$.36 per gallon.  When I filled up my gas tank the other day, I paid $4.25 per gallon.  That’s an increase in price of almost 1,100%.  Twenty-five years ago in 1997, a dozen eggs would have cost you $1.06.  Today, the average price for those same eggs cost $2.58 in New York.  That’s an increase of 143% over those 25 years.  In March of 1997, the price of a one-day admission ticket at Disneyland was $39.75.  That same one-day admission ticket today will cost you $104.  That’s an increase of 162%.  

If it feels like your dollar doesn’t go quite as far as it used to, you aren’t imagining it. The reason is inflation, which describes the gradual rise in prices and slow decline in purchasing power of your dollars over time.

The impact of inflation may seem small in the short term, but over the course of years and decades, inflation can drastically erode the purchasing power of your savings.

Hi, I’m John Gigliello, Certified Financial Planner with the Albany Financial Group and you’re listening to Invest in Knowledge, a podcast about all things financial.  After a life-altering health issue at 39, my calling in life became clear: To share my knowledge of personal finance with PEOPLE who are looking to make smart and responsible choices with their money.  Only through education, action and accountability can YOU build the confidence and security YOU need to live a SATISFYING life.

Nowadays, everyone if feeling the impact of inflation.  But that’s not all you should be concerned about.  Interest rates play a key role in efforts to fight rising inflation and today, I’m going to educate you about what you need to know about inflation, interest rates and recession.  

Here’s how to understand inflation, and steps you can take to help preserve the value of your money.