$3.50 in 2020 is worth $3.96 in 2022

👉 You may be interested in $3.50 in 2020 → 2024

Value of $3.50 from 2020 to 2022

$3.50 in 2020 is equivalent in purchasing power to about $3.96 in 2022, an increase of $0.46 over 2 years. The dollar had an average inflation rate of 6.34% per year between 2020 and 2022, producing a cumulative price increase of 13.08%.

This means that prices in 2022 are 1.13 times as high as average prices since 2020, according to the Bureau of Labor Statistics consumer price index.

The inflation rate in 2020 was 1.23%. The inflation rate in 2022 was 8.00%. The 2022 inflation rate is higher compared to the average inflation rate of 3.61% per year between 2022 and 2024.

Inflation from 2020 to 2022
Cumulative price change13.08%
Average inflation rate6.34%
Converted amount
$3.50 base
Price difference
$3.50 base
CPI in 2020258.812
CPI in 2022292.656
Inflation in 20201.23%
Inflation in 20228.00%
$3.50 in 2020$3.96 in 2022

Recent USD inflation
Annual Rate, the Bureau of Labor Statistics CPI

Buying power of $3.50 in 2020

This chart shows a calculation of buying power equivalence for $3.50 in 2020 (price index tracking began in 1635).

For example, if you started with $3.50, you would need to end with $3.96 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $3.50 is equivalent to $3.96 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 2020 dollars, the chart below shows how $3.50 is worth less over 2 years.

According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 2020-2022
YearDollar ValueInflation Rate
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 2020 amounts in 2022 dollars, based on the 13.08% change in prices:

Conversion: 2020 dollars in 2022
Initial valueEquivalent value
$1 dollar in 2020$1.13 dollars in 2022
$5 dollars in 2020$5.65 dollars in 2022
$10 dollars in 2020$11.31 dollars in 2022
$50 dollars in 2020$56.54 dollars in 2022
$100 dollars in 2020$113.08 dollars in 2022
$500 dollars in 2020$565.38 dollars in 2022
$1,000 dollars in 2020$1,130.77 dollars in 2022
$5,000 dollars in 2020$5,653.84 dollars in 2022
$10,000 dollars in 2020$11,307.68 dollars in 2022
$50,000 dollars in 2020$56,538.38 dollars in 2022
$100,000 dollars in 2020$113,076.75 dollars in 2022
$500,000 dollars in 2020$565,383.77 dollars in 2022
$1,000,000 dollars in 2020$1,130,767.55 dollars in 2022

Inflation by City

Inflation can vary widely by city, even within the United States. Here's how some cities fared in 2020 to 2022 (figures shown are purchasing power equivalents of $3.50):

Atlanta, Georgia experienced the highest rate of inflation during the 2 years between 2020 and 2022 (8.27%).

San Francisco, California experienced the lowest rate of inflation during the 2 years between 2020 and 2022 (4.36%).

Note that some locations showing 0% inflation may have not yet reported latest data.

Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £3.50 in 2020 would be equivalent to £3.87 in 2022, an absolute change of £0.37 and a cumulative change of 10.59%.

In Canada, CA$3.50 in 2020 would be equivalent to CA$3.87 in 2022, an absolute change of CA$0.37 and a cumulative change of 10.43%.

Compare these numbers to the US's overall absolute change of $0.46 and total percent change of 13.08%.

Inflation by Spending Category

CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.

Between 2020 and 2022:

This chart shows the average rate of inflation for select CPI categories between 2020 and 2022.

Compare these values to the overall average of 6.34% per year:

CategoryAvg Inflation (%)Total Inflation (%)$3.50 in 2020 → 2022
Food and beverages6.6613.763.98
Medical care2.635.333.69
Education and communication1.242.503.59
Other goods and services4.659.513.83

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:

For all these visualizations, it's important to note that not all categories may have been tracked since 2020. This table and charts use the earliest available data for each category.

How to calculate inflation rate for $3.50, 2020 to 2022

Our calculations use the following inflation rate formula to calculate the change in value between 2020 and 2022:

CPI in 2022 CPI in 2020
2020 USD value
2022 USD value

Then plug in historical CPI values. The U.S. CPI was 258.81166666667 in the year 2020 and 292.65583333333 in 2022:


$3.50 in 2020 has the same "purchasing power" or "buying power" as $3.96 in 2022.

To get the total inflation rate for the 2 years between 2020 and 2022, we use the following formula:

CPI in 2022 - CPI in 2020CPI in 2020
Cumulative inflation rate (2 years)

Plugging in the values to this equation, we get:

292.65583333333 - 258.81166666667258.81166666667

Alternate Measurements of Inflation

There are multiple ways to measure inflation. Published rates of inflation will vary depending on methodology. The Consumer Price Index, used above, is the most common standard used globally.

Alternative measurements are sometimes used based on context and economic/political circumstances. Below are a few examples of alternative measurements.

Personal Consumption Expenditures (PCE) Inflation

The PCE Price Index is the U.S. Federal Reserve's preferred measure of inflation, compiled by the Bureau of Economic Analysis. It measures the change in prices of goods and services purchased by consumers.

The PCE Price Index changed by 5.31% per year on average between 2020 and 2022. The total PCE inflation between these dates was 10.90%. In 2020, PCE inflation was 1.08%.

This means that the PCE Index equates $3.50 in 2020 with $3.88 in 2022, a difference of $0.38. Compare this to the standard CPI measurement, which equates $3.50 with $3.96. The PCE measured -2.17% inflation compared to standard CPI.

For more information on the difference between PCE and CPI, see this analysis provided by the Bureau of Labor Statistics.

Core Inflation

Also of note is the Core CPI, which uses the standard CPI but omits the more volatile categories of food and energy.

Core inflation averaged 4.85% per year between 2020 and 2022 (vs all-CPI inflation of 6.34%), for an inflation total of 9.94%. In 2020, core inflation was 1.70%.

When using the core inflation measurement, $3.50 in 2020 is equivalent in buying power to $3.85 in 2022, a difference of $0.35. Recall that the converted amount is $3.96 when all items including food and energy are measured.

Chained Inflation

Chained CPI is an alternative measurement that takes into account how consumers adjust spending for similar items. Chained inflation averaged 6.06% per year between 2020 and 2022, a total inflation amount of 12.49%.

According to the Chained CPI measurement, $3.50 in 2020 is equal in buying power to $3.94 in 2022, a difference of $0.44 (versus a converted amount of $3.96/change of $0.46 for All Items).

In 2020, chained inflation was 1.07%.

Comparison to S&P 500 Index

The average inflation rate of 6.34% has a compounding effect between 2020 and 2022. As noted above, this yearly inflation rate compounds to produce an overall price difference of 13.08% over 2 years.

To help put this inflation into perspective, if we had invested $3.50 in the S&P 500 index in 2020, our investment would be nominally worth approximately $4.44 in 2022. This is a return on investment of 26.73%, with an absolute return of $0.94 on top of the original $3.50.

These numbers are not inflation adjusted, so they are considered nominal. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account.

The compounding effect of inflation would account for 0.00% of returns ($0.00) during this period. This means the inflation-adjusted real return of our $3.50 investment is $0.00. You may also want to account for capital gains tax, which would take your real return down to around $0 for most people.

Investment in S&P 500 Index, 2020-2022
Original AmountFinal AmountChange
Inflation Adjusted

Information displayed above may differ slightly from other S&P 500 calculators. Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 2020 to latest available data for 2022 using average monthly close price.

For more details on the S&P 500 between 2020 and 2022, see the stock market returns calculator.

Data source & citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.

You may use the following MLA citation for this page: “$3.50 in 2020 → 2022 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 19 Jul. 2024, https://www.officialdata.org/2020-dollars-in-2022?amount=3.5.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.

Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

Email · LinkedIn · Twitter

» Read more about inflation and investment.

Inflation from 2020 to 2022
Cumulative price change13.08%
Average inflation rate6.34%
Converted amount
$3.50 base
Price difference
$3.50 base
CPI in 2020258.812
CPI in 2022292.656
Inflation in 20201.23%
Inflation in 20228.00%
$3.50 in 2020$3.96 in 2022