Checking account and other bank services priced at $20 in 2021 $22 in 2024

Checking Account And Other Bank Services Inflation Calculator

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Prices for Checking Account And Other Bank Services, 2021-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 10% higher in 2024 versus 2021 (a $2 difference in value).

Between 2021 and 2024: Checking account and other bank services experienced an average inflation rate of 3.23% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 2021 would cost $22 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.63% during this same period, inflation for checking account and other bank services was lower.

In the year 2021: Pricing changed by -2.71%, which is significantly below the average yearly change for checking account and other bank services during the 2021-2024 time period. Compared to inflation for all items in 2021 (4.70%), inflation for checking account and other bank services was much lower.

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
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Buying power of $20.00 since 2021

Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 2021. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2021$20.00-2.71%
2022$20.763.80%
2023$21.222.21%
2024$22.003.68%*

* 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
CPI100.000101.177104.362109.138113.662116.877119.177122.462123.831125.254127.727129.650123.287127.584130.442139.248144.985147.486149.496153.937157.345170.447172.384172.735168.057174.439178.293184.863

Adjust checking account and other bank services prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2021 * 2021 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Checking account and other bank services was 168.057 in the year 2021 and 184.863 in 2024:

184.863 / 168.057 * $20 = $22

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2021 has the same "purchasing power" as $22 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.

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