Core inflation priced at $20 in 1996 $37.17 in 2023

Core Inflation Inflation Calculator

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Prices for Core Inflation, 1996-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for all items less food and energy are 85.86% higher in 2023 versus 1996 (a $17.17 difference in value).

Between 1996 and 2023: Core inflation experienced an average inflation rate of 2.32% per year. This rate of change indicates significant inflation. In other words, core inflation costing $20 in the year 1996 would cost $37.17 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.48% during this same period, inflation for core inflation was lower.

In the year 1996: Pricing changed by 2.71%, which is above the average yearly change for core inflation during the 1996-2023 time period. Compared to inflation for all items in 1996 (2.93%), inflation for core inflation was lower.

Price Inflation for All items less food and energy since 1957

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1980 (12.42%), 1981 (10.46%), and 1979 (9.74%).

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Buying power of $20.00 since 1996

Below are calculations of equivalent buying power for Core inflation, over time, for $20 beginning in 1996. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1996$20.002.71%
1997$20.482.38%
1998$20.952.29%
1999$21.382.08%
2000$21.902.43%
2001$22.482.67%
2002$23.012.32%
2003$23.341.45%
2004$23.751.76%
2005$24.272.17%
2006$24.872.50%
2007$25.462.34%
2008$26.042.30%
2009$26.481.70%
2010$26.740.96%
2011$27.181.66%
2012$27.752.11%
2013$28.241.76%
2014$28.741.75%
2015$29.261.83%
2016$29.912.21%
2017$30.461.84%
2018$31.112.14%
2019$31.802.19%
2020$32.341.70%
2021$33.493.57%
2022$35.556.15%
2023$37.174.55%*

* 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 food and energy:

Year1957195819591960196119621963196419651966196719681969197019711972197319741975197619771978197919801981198219831984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI28.93129.59230.18530.63830.98531.40831.80032.27732.73833.53834.70836.31538.42340.82342.73844.04645.58549.34653.89257.43161.02365.48571.86280.78589.23895.84699.615104.546109.115113.523118.200123.415128.977135.462142.108147.308152.177156.515161.200165.562169.508173.385176.985181.292186.131190.454193.223196.623200.892205.915210.729215.572219.235221.337225.008229.755233.806237.897242.247247.602252.169257.565263.211267.693277.255294.307307.706

Adjust core inflation prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1996 * 1996 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for All items less food and energy was 165.562 in the year 1996 and 307.706 in 2023:

307.706 / 165.562 * $20 = $37.17

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1996 has the same "purchasing power" as $37.17 in 2023 (in the CPI category of All items less food and energy).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for All items less food and energy in 1957. In addition to core inflation, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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