According to the U.S. Bureau of Labor Statistics, prices for car and truck rental are 47.55% higher in 2022 versus 2016 (a $9.51 difference in value).
Between 2016 and 2022: Car and truck rental experienced an average inflation rate of 6.70% per year. This rate of change indicates significant inflation. In other words, car and truck rental costing $20 in the year 2016 would cost $29.51 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.11% during this same period, inflation for car and truck rental was significantly higher.
In the year 2016: Pricing changed by 2.61%, which is significantly below the average yearly change for car and truck rental during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation for car and truck rental was higher.
Below are calculations of equivalent buying power for Car and truck rental, 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|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Car and truck rental: