Energy price inflation, 2023→2024

Energy Inflation Calculator

Prices for Energy, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for energy are 0.51% lower in 2024 versus 2023 (a $0.10 difference in value).

Between 2023 and 2024: Energy experienced an average inflation rate of -0.51% per year. In other words, energy costing $20 in the year 2023 would cost $19.90 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for energy was significantly lower.

In the year 2023: Pricing changed by -5.02%, which is significantly below the average yearly change for energy during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for energy was much lower.

Price Inflation for Energy since 1957

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

Years with the largest changes in pricing: 1980 (30.87%), 1974 (29.23%), and 2022 (25.15%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Energy, 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	-5.02%
2024	$19.90	-0.51%*

* 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:

Year	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970	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	21.477	21.531	21.900	22.431	22.492	22.585	22.623	22.531	22.946	23.300	23.838	24.192	24.815	25.500	26.508	27.238	29.446	38.054	42.092	45.108	49.392	52.531	65.738	86.031	97.715	99.154	99.923	100.923	101.631	88.231	88.585	89.254	94.315	102.092	102.454	103.000	104.154	104.623	105.238	110.131	111.515	102.877	106.615	124.608	129.292	121.677	136.492	151.392	177.054	196.862	207.723	236.666	193.126	211.449	243.909	246.080	244.409	243.583	202.895	189.535	204.540	219.941	215.294	196.949	238.325	298.266	283.286	281.836

Adjust energy 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 was 283.286 in the year 2023 and 281.836 in 2024:

281.836 / 283.286 * $20 = $19.90

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $19.90 in 2024 (in the CPI category of Energy).

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