Education price inflation, 2004→2023

Education Inflation Calculator

Prices for Education, 2004-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for education are 101.84% higher in 2023 versus 2004 (a $20.37 difference in value).

Between 2004 and 2023: Education experienced an average inflation rate of 3.77% per year. This rate of change indicates significant inflation. In other words, education costing $20 in the year 2004 would cost $40.37 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.54% during this same period, inflation for education was higher.

In the year 2004: Pricing changed by 6.96%, which is significantly above the average yearly change for education during the 2004-2023 time period. Compared to inflation for all items in 2004 (2.68%), inflation for education was much higher.

Price Inflation for Education since 1993

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

Years with the largest changes in pricing: 2004 (6.96%), 2003 (6.66%), and 2002 (6.29%).

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Buying power of $20.00 since 2004

Below are calculations of equivalent buying power for Education, over time, for $20 beginning in 2004. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2004	$20.00	6.96%
2005	$21.25	6.23%
2006	$22.56	6.17%
2007	$23.85	5.74%
2008	$25.23	5.77%
2009	$26.56	5.29%
2010	$27.74	4.44%
2011	$28.91	4.23%
2012	$30.11	4.12%
2013	$31.25	3.79%
2014	$32.27	3.29%
2015	$33.47	3.72%
2016	$34.45	2.91%
2017	$35.24	2.30%
2018	$36.02	2.22%
2019	$37.00	2.70%
2020	$37.68	1.84%
2021	$38.21	1.41%
2022	$39.25	2.74%
2023	$40.37	2.84%*

* 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 Education:

Year	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
CPI	78.369	83.277	88.023	92.677	97.285	102.108	106.969	112.531	118.515	125.969	134.362	143.715	152.669	162.085	171.388	181.277	190.857	199.337	207.768	216.328	224.521	231.914	240.535	247.526	253.211	258.840	265.840	270.731	274.555	282.070	290.077

Adjust education prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2004 * 2004 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Education was 143.715 in the year 2004 and 290.077 in 2023:

290.077 / 143.715 * $20 = $40.37

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2004 has the same "purchasing power" as $40.37 in 2023 (in the CPI category of Education).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Education in 1993. In addition to education, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.