Commodities price inflation, 2021→2024

Commodities Inflation Calculator

Prices for Commodities, 2021-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for commodities are 12.09% higher in 2024 versus 2021 (a $2.42 difference in value).

Between 2021 and 2024: Commodities experienced an average inflation rate of 3.88% per year. This rate of change indicates significant inflation. In other words, commodities costing $20 in the year 2021 would cost $22.42 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.96% during this same period, inflation for commodities was lower.

In the year 2021: Pricing changed by 7.81%, which is significantly above the average yearly change for commodities during the 2021-2024 time period. Compared to inflation for all items in 2021 (4.70%), inflation for commodities was much higher.

Price Inflation for Commodities since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1947 (19.07%), 1942 (14.43%), and 1946 (12.36%).

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Buying power of $20.00 since 2021

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

Year	USD Value	Inflation Rate
2021	$20.00	7.81%
2022	$22.18	10.90%
2023	$22.44	1.16%
2024	$22.42	-0.08%*

* 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 Commodities:

Year	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	14.875	15.067	15.720	15.040	14.780	14.920	16.080	18.400	19.940	20.120	20.720	23.280	27.720	29.580	28.720	29.120	31.720	31.960	31.860	31.560	31.300	31.577	32.577	33.315	33.354	33.608	33.838	34.100	34.438	34.769	35.185	36.092	36.769	38.108	39.854	41.708	43.169	44.469	47.754	53.477	58.238	60.738	64.223	68.777	76.631	85.992	93.215	96.977	99.838	103.208	105.377	104.369	107.723	111.492	116.700	122.785	126.623	129.115	131.508	133.754	136.431	139.892	141.838	141.923	144.431	149.185	150.654	149.723	151.185	154.738	160.162	164.000	167.509	174.764	169.698	174.566	183.862	187.577	187.670	187.943	181.703	179.236	181.242	184.617	185.266	184.799	199.227	220.936	223.492	223.316

Adjust commodities 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 Commodities was 199.227 in the year 2021 and 223.316 in 2024:

223.316 / 199.227 * $20 = $22.42

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2021 has the same "purchasing power" as $22.42 in 2024 (in the CPI category of Commodities).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Commodities in 1935. In addition to commodities, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.