Checking account and other bank services priced at $20 in 1999 $33.77 in 2023

Checking Account And Other Bank Services Inflation Calculator

$

Prices for Checking Account And Other Bank Services, 1999-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 68.85% higher in 2023 versus 1999 (a $13.77 difference in value).

Between 1999 and 2023: Checking account and other bank services experienced an average inflation rate of 2.21% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 1999 would cost $33.77 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation for checking account and other bank services was lower.

In the year 1999: Pricing changed by 3.15%, which is above the average yearly change for checking account and other bank services during the 1999-2023 time period. Compared to inflation for all items in 1999 (2.19%), inflation for checking account and other bank services was higher.

Price Inflation for Checking account and other bank services since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2018 (8.33%), 2012 (6.75%), and 2009 (-4.91%).

View price changes for other categories
Admission to sporting events · Fresh fruits · Juices and nonalcoholic drinks · Wine at home · More

Buying power of $20.00 since 1999

Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 1999. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1999$20.003.15%
2000$20.924.58%
2001$21.784.14%
2002$22.402.83%
2003$22.841.97%
2004$23.472.76%
2005$23.731.12%
2006$24.001.15%
2007$24.481.97%
2008$24.851.51%
2009$23.63-4.91%
2010$24.453.48%
2011$25.002.24%
2012$26.696.75%
2013$27.794.12%
2014$28.261.73%
2015$28.651.36%
2016$29.502.97%
2017$30.152.21%
2018$32.668.33%
2019$33.041.14%
2020$33.100.20%
2021$32.21-2.71%
2022$33.433.80%
2023$33.771.02%*

* 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 Checking account and other bank services:

Year199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI100.000101.177104.362109.138113.662116.877119.177122.462123.831125.254127.727129.650123.287127.584130.442139.248144.985147.486149.496153.937157.345170.447172.384172.735168.057174.439176.214

Adjust checking account and other bank services prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1999 * 1999 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Checking account and other bank services was 104.362 in the year 1999 and 176.214 in 2023:

176.214 / 104.362 * $20 = $33.77

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1999 has the same "purchasing power" as $33.77 in 2023 (in the CPI category of Checking account and other bank services).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Checking account and other bank services in 1997. In addition to checking account and other bank services, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

» Read more about inflation and investment.