Energy commodities priced at $20 in 2023 $18.69 in 2024

Energy Commodities Inflation Calculator

$

Prices for Energy Commodities, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for energy commodities are 6.54% lower in 2024 versus 2023 (a $1.31 difference in value).

Between 2023 and 2024: Energy commodities experienced an average inflation rate of -6.54% per year. This rate of change indicates significant deflation. In other words, energy commodities costing $20 in the year 2023 would cost $18.69 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 1.86% during this same period, inflation for energy commodities was significantly lower.

In the year 2023: Pricing changed by -10.73%, which is significantly below the average yearly change for energy commodities during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for energy commodities was much lower.

Price Inflation for Energy commodities since 1957

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1980 (38.52%), 1974 (38.51%), and 2021 (35.39%).

View price changes for other categories
New trucks · Alcoholic beverages · Tampa, Florida · Bananas · More

Buying power of $20.00 since 2023

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

YearUSD ValueInflation Rate
2023$20.00-10.73%
2024$18.69-6.54%*

* 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 Energy commodities:

Year19571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI21.59221.26921.51521.89221.88521.98522.08521.93122.60023.15423.93124.42325.18525.59226.11526.45429.14640.36943.35445.36248.70050.96968.70895.177107.592102.90098.97798.15498.16277.20880.16280.76287.931101.19299.08598.27797.33197.59298.823105.708105.73892.092100.023129.485125.208117.138136.677161.177197.431222.977241.018284.352205.281242.636306.445315.999307.373296.900216.714191.589216.285246.210237.363198.779269.119357.530319.154298.285

Adjust energy commodities 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 Energy commodities was 319.154 in the year 2023 and 298.285 in 2024:

298.285 / 319.154 * $20 = $18.69

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $18.69 in 2024 (in the CPI category of Energy commodities).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Energy commodities in 1957. In addition to energy commodities, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

» Read more about inflation and investment.