According to the U.S. Bureau of Labor Statistics, prices for all items less energy are 24.79% higher in 2023 versus 2016 (a $4.96 difference in value).
Between 2016 and 2023: All items less energy experienced an average inflation rate of 3.21% per year. This rate of change indicates significant inflation. In other words, all items less energy costing $20 in the year 2016 would cost $24.96 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation for all items less energy was lower.
In the year 2016: Pricing changed by 1.92%, which is below the average yearly change for all items less energy during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for all items less energy was higher.
Below are calculations of equivalent buying power for All items less energy, over time, for $20 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
* 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 All items less energy: