Food and beverages price inflation, 2023→2024

Food And Beverages Inflation Calculator

Prices for Food And Beverages, 2023-2024 ($1)

According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 1.46% higher in 2024 versus 2023 (a $0.01 difference in value).

Between 2023 and 2024: Food and beverages experienced an average inflation rate of 1.46% per year. In other words, food and beverages costing $1 in the year 2023 would cost $1.01 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 1.86% during this same period, inflation for food and beverages was lower.

In the year 2023: Pricing changed by 5.66%, which is significantly above the average yearly change for food and beverages during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for food and beverages was higher.

Price Inflation for Food and beverages since 1967

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1974 (13.76%), 1973 (13.29%), and 1979 (10.71%).

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Buying power of $1.00 since 2023

Below are calculations of equivalent buying power for Food and beverages, over time, for $1 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$1.00	5.66%
2024	$1.01	1.46%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Food and beverages:

Year	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	34.985	36.254	38.062	40.131	41.369	43.077	48.800	55.515	60.200	62.062	65.762	72.185	79.915	86.754	93.500	97.308	99.477	103.215	105.623	109.069	113.508	118.192	124.892	132.085	136.792	138.685	141.585	144.877	148.869	153.708	157.738	161.092	164.562	168.362	173.569	176.762	180.538	186.631	191.169	195.654	203.300	214.225	218.249	219.984	227.866	233.670	236.966	242.449	246.804	247.653	249.837	253.346	258.013	266.625	276.814	303.319	320.488	325.154

Adjust food and beverages prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Food and beverages was 320.488 in the year 2023 and 325.154 in 2024:

325.154 / 320.488 * $1 = $1.01

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 2023 has the same "purchasing power" as $1.01 in 2024 (in the CPI category of Food and beverages).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Food and beverages in 1967. In addition to food and beverages, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.