Checking account and other bank services priced at $20 in 2001 $32.70 in 2024

Checking Account And Other Bank Services Inflation Calculator

$

Prices for Checking Account And Other Bank Services, 2001-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 63.49% higher in 2024 versus 2001 (a $12.70 difference in value).

Between 2001 and 2024: Checking account and other bank services experienced an average inflation rate of 2.16% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 2001 would cost $32.70 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.50% during this same period, inflation for checking account and other bank services was lower.

In the year 2001: Pricing changed by 4.14%, which is above the average yearly change for checking account and other bank services during the 2001-2024 time period. Compared to inflation for all items in 2001 (2.83%), 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
Phoenix, Arizona · Detroit, Michigan · Jewelry · Denver, Colorado · More

Buying power of $20.00 since 2001

Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 2001. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2001$20.004.14%
2002$20.572.83%
2003$20.971.97%
2004$21.552.76%
2005$21.791.12%
2006$22.041.15%
2007$22.481.97%
2008$22.811.51%
2009$21.69-4.91%
2010$22.453.48%
2011$22.952.24%
2012$24.506.75%
2013$25.514.12%
2014$25.951.73%
2015$26.311.36%
2016$27.092.97%
2017$27.692.21%
2018$29.998.33%
2019$30.331.14%
2020$30.390.20%
2021$29.57-2.71%
2022$30.693.80%
2023$31.372.21%
2024$32.704.22%*

* 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:

Year1997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI100.000101.177104.362109.138113.662116.877119.177122.462123.831125.254127.727129.650123.287127.584130.442139.248144.985147.486149.496153.937157.345170.447172.384172.735168.057174.439178.293185.821

Adjust checking account and other bank services prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2001 * 2001 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Checking account and other bank services was 113.662 in the year 2001 and 185.821 in 2024:

185.821 / 113.662 * $20 = $32.70

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2001 has the same "purchasing power" as $32.70 in 2024 (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.