Checking account and other bank services priced at $20 in 2023 $20.84 in 2024

Checking Account And Other Bank Services Inflation Calculator

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Prices for Checking Account And Other Bank Services, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 4.22% higher in 2024 versus 2023 (a $0.84 difference in value).

Between 2023 and 2024: Checking account and other bank services experienced an average inflation rate of 4.22% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 2023 would cost $20.84 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.44% during this same period, inflation for checking account and other bank services was higher.

In the year 2023: Pricing changed by 2.21%, which is below the average yearly change for checking account and other bank services during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for checking account and other bank services was 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%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2023$20.002.21%
2024$20.844.22%*

* 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 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Checking account and other bank services was 178.293 in the year 2023 and 185.821 in 2024:

185.821 / 178.293 * $20 = $20.84

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.84 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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