According to the U.S. Bureau of Labor Statistics, prices for education are 7.15% higher in 2023 versus 2020 (a $1.43 difference in value).
Between 2020 and 2023: Education experienced an average inflation rate of 2.33% per year. This rate of change indicates significant inflation. In other words, education costing $20 in the year 2020 would cost $21.43 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.54% during this same period, inflation for education was significantly lower.
In the year 2020: Pricing changed by 1.84%, which is below the average yearly change for education during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), inflation for education was higher.
Below are calculations of equivalent buying power for Education, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2020 | $20.00 | 1.84% |
| 2021 | $20.28 | 1.41% |
| 2022 | $20.84 | 2.74% |
| 2023 | $21.43 | 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 |