According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 14.47% higher in 2023 versus 2016 (a $2.89 difference in value).
Between 2016 and 2023: Checking account and other bank services experienced an average inflation rate of 1.95% per year. In other words, checking account and other bank services costing $20 in the year 2016 would cost $22.89 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation for checking account and other bank services was lower.
In the year 2016: Pricing changed by 2.97%, which is above the average yearly change for checking account and other bank services during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for checking account and other bank services was higher.
Below are calculations of equivalent buying power for Checking account and other bank services, 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|
* 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: