Domestically produced farm food price inflation, 2023→2024

Domestically Produced Farm Food Inflation Calculator

Prices for Domestically Produced Farm Food, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for domestically produced farm food are 1.08% higher in 2024 versus 2023 (a $0.22 difference in value).

Between 2023 and 2024: Domestically produced farm food experienced an average inflation rate of 1.08% per year. In other words, domestically produced farm food costing $20 in the year 2023 would cost $20.22 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for domestically produced farm food was lower.

In the year 2023: Pricing changed by 4.97%, which is significantly above the average yearly change for domestically produced farm food during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for domestically produced farm food was higher.

Price Inflation for Domestically produced farm food since 1971

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

Years with the largest changes in pricing: 1973 (17.27%), 1974 (13.80%), and 1979 (11.71%).

View price changes for other categories
Denver, Colorado · Detroit, Michigan · Frankfurters · Wireless telephone services · More

Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Domestically produced farm food, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	4.97%
2024	$20.22	1.08%*

* 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 Domestically produced farm food:

Year	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	43.100	44.685	52.400	59.631	63.962	64.608	66.015	73.454	82.054	87.992	94.715	98.138	98.992	102.877	104.085	106.338	111.577	116.531	124.638	133.538	137.415	138.431	141.962	145.354	149.469	156.069	159.792	163.154	166.554	170.138	176.454	179.238	183.685	191.708	195.038	198.069	206.457	220.104	220.386	221.577	232.490	238.732	241.374	247.865	251.041	247.347	246.637	247.723	249.503	258.381	267.432	298.563	313.412	316.811

Adjust domestically produced farm food 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 Domestically produced farm food was 313.412 in the year 2023 and 316.811 in 2024:

316.811 / 313.412 * $20 = $20.22

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.22 in 2024 (in the CPI category of Domestically produced farm food).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Domestically produced farm food in 1971. In addition to domestically produced farm food, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.