According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees are 11.28% higher in 2023 versus 2017 (a $2,256.18 difference in value).
Between 2017 and 2023: College tuition experienced an average inflation rate of 1.80% per year. In other words, college tuition costing $20,000 in the year 2017 would cost $22,256.18 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.42% during this same period, inflation for college tuition was lower.
In the year 2017: Pricing changed by 2%, which is above the average yearly change for college tuition during the 2017-2023 time period. Compared to inflation for all items in 2017 (2.13%), inflation for college tuition was lower.
Below are calculations of equivalent buying power for College tuition, over time, for $20,000 beginning in 2017. 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 College tuition and fees: