According to the U.S. Bureau of Labor Statistics, prices for education are 2.84% higher in 2023 versus 2022 (a $0.57 difference in value).
Between 2022 and 2023: Education experienced an average inflation rate of 2.84% per year. This rate of change indicates significant inflation. In other words, education costing $20 in the year 2022 would cost $20.57 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.97% during this same period, inflation for education was lower.
In the year 2022: Pricing changed by 2.74%, which is below the average yearly change for education during the 2022-2023 time period. Compared to inflation for all items in 2022 (8%), inflation for education was much lower.
Below are calculations of equivalent buying power for Education, over time, for $20 beginning in 2022. 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 Education: