Beef and veal price inflation, 2002→2023

Beef And Veal Inflation Calculator

Prices for Beef And Veal, 2002-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for beef and veal are 139.99% higher in 2023 versus 2002 (a $28 difference in value).

Between 2002 and 2023: Beef and veal experienced an average inflation rate of 4.26% per year. This rate of change indicates significant inflation. In other words, beef and veal costing $20 in the year 2002 would cost $48 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.49% during this same period, inflation for beef and veal was higher.

In the year 2002: Pricing changed by 0.08%, which is significantly below the average yearly change for beef and veal during the 2002-2023 time period. Compared to inflation for all items in 2002 (1.59%), inflation for beef and veal was lower.

Price Inflation for Beef and veal since 1935

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

Years with the largest changes in pricing: 1947 (41.78%), 1946 (27.28%), and 1979 (27.26%).

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Buying power of $20.00 since 2002

Below are calculations of equivalent buying power for Beef and veal, over time, for $20 beginning in 2002. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2002	$20.00	0.08%
2003	$21.80	9.02%
2004	$24.32	11.55%
2005	$24.96	2.62%
2006	$25.16	0.81%
2007	$26.28	4.46%
2008	$27.47	4.51%
2009	$27.18	-1.05%
2010	$27.96	2.86%
2011	$30.81	10.18%
2012	$32.76	6.35%
2013	$33.42	1.99%
2014	$37.45	12.07%
2015	$40.16	7.24%
2016	$37.62	-6.34%
2017	$37.16	-1.21%
2018	$37.68	1.41%
2019	$38.28	1.58%
2020	$41.97	9.64%
2021	$45.88	9.32%
2022	$48.30	5.28%
2023	$48.00	-0.62%*

* 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 Beef and veal:

Year	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	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
CPI	11.623	11.131	12.523	11.600	11.877	12.069	13.023	14.508	14.646	13.946	13.900	17.692	25.085	30.377	28.331	31.231	36.469	36.154	28.538	27.438	27.138	26.715	28.715	33.408	34.400	33.531	32.992	34.169	33.769	32.800	34.354	36.162	36.392	37.862	41.669	43.492	45.454	49.715	59.592	61.308	61.877	59.854	59.538	73.146	93.085	98.362	99.200	100.608	99.115	100.285	98.169	98.762	106.277	112.085	119.338	128.754	132.438	132.262	137.092	135.954	134.854	134.485	136.762	136.515	139.200	148.069	160.469	160.600	175.085	195.308	200.423	202.054	211.060	220.586	218.273	224.511	247.377	263.089	268.326	300.724	322.504	302.062	298.399	302.592	307.362	336.980	368.383	387.828	385.425

Adjust beef and veal prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2002 * 2002 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Beef and veal was 160.600 in the year 2002 and 385.425 in 2023:

385.425 / 160.600 * $20 = $48

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2002 has the same "purchasing power" as $48 in 2023 (in the CPI category of Beef and veal).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Beef and veal in 1935. In addition to beef and veal, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.