Fats and oils priced at $20 in 1998 $43 in 2024

Fats And Oils Inflation Calculator

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Prices for Fats And Oils, 1998-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fats and oils are 114.99% higher in 2024 versus 1998 (a $23 difference in value).

Between 1998 and 2024: Fats and oils experienced an average inflation rate of 2.99% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 1998 would cost $43 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.52% during this same period, inflation for fats and oils was higher.

In the year 1998: Pricing changed by 3.66%, which is above the average yearly change for fats and oils during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for fats and oils was higher.

Price Inflation for Fats and oils since 1967

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1974 (41.96%), 2022 (18.53%), and 2008 (13.78%).

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Buying power of $20.00 since 1998

Below are calculations of equivalent buying power for Fats and oils, over time, for $20 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1998$20.003.66%
1999$20.180.92%
2000$20.07-0.57%
2001$21.205.62%
2002$21.16-0.17%
2003$21.431.25%
2004$22.846.62%
2005$22.83-0.04%
2006$22.870.16%
2007$23.542.93%
2008$26.7913.78%
2009$27.392.27%
2010$27.31-0.32%
2011$29.849.26%
2012$31.666.12%
2013$31.22-1.40%
2014$31.270.15%
2015$30.94-1.03%
2016$30.76-0.59%
2017$31.000.78%
2018$31.040.14%
2019$30.82-0.71%
2020$31.241.34%
2021$32.684.62%
2022$38.7418.53%
2023$42.218.98%
2024$43.001.86%*

* 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 Fats and oils:

Year1967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI37.00836.68536.83839.15442.70043.15446.76266.38573.51564.28570.83177.55483.74689.26998.85496.06997.377106.562108.946106.492108.069113.115121.177126.331131.731129.838129.992133.531137.269140.515141.715146.908148.262147.415155.700155.438157.377167.792167.723167.992172.921196.751201.224200.587219.163232.579229.316229.658227.293225.947227.715228.035226.419229.455240.055284.530310.076315.844

Adjust fats and oils prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1998 * 1998 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Fats and oils was 146.908 in the year 1998 and 315.844 in 2024:

315.844 / 146.908 * $20 = $43

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1998 has the same "purchasing power" as $43 in 2024 (in the CPI category of Fats and oils).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fats and oils in 1967. In addition to fats and oils, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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