Fats and oils priced at $20 in 1998 $31.23 in 2020

Fats And Oils Inflation Calculator

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Prices for Fats And Oils, 1998-2020 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fats and oils were 56.17% higher in 2020 versus 1998 (a $11.23 difference in value).

Between 1998 and 2020: Fats and oils experienced an average inflation rate of 2.05% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 1998 would cost $31.23 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 2.11% during this same period, inflation for fats and oils was lower.

In the year 1998: Pricing changed by 3.66%, which is above the average yearly change for fats and oils during the 1998-2020 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 1989

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2008 (13.80%), 2011 (9.26%), and 2004 (6.60%).

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fats and oils:

Year 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
CPI 121.167 126.358 131.750 129.833 129.992 133.508 137.267 140.517 141.700 146.892 148.242 147.433 155.733 155.458 157.392 167.783 167.708 167.983 172.910 196.770 201.234 200.609 219.188 232.548 229.281 229.638 227.308 225.967 227.739 228.054 226.430 229.405

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Buying power of $20 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:

Year USD Value Inflation Rate
1998 $20.00 3.66%
1999 $20.18 0.92%
2000 $20.07 -0.55%
2001 $21.20 5.63%
2002 $21.17 -0.18%
2003 $21.43 1.24%
2004 $22.84 6.60%
2005 $22.83 -0.04%
2006 $22.87 0.16%
2007 $23.54 2.93%
2008 $26.79 13.80%
2009 $27.40 2.27%
2010 $27.31 -0.31%
2011 $29.84 9.26%
2012 $31.66 6.10%
2013 $31.22 -1.40%
2014 $31.27 0.16%
2015 $30.95 -1.01%
2016 $30.77 -0.59%
2017 $31.01 0.78%
2018 $31.05 0.14%
2019 $30.83 -0.71%
2020 $31.23 1.31%*
* Not final. See inflation summary for latest details.

How to calculate the inflation rate for fats and oils, 1998-2020

Start with the inflation rate formula:

CPI in 2020 / CPI in 1998 * 1998 USD value = 2020 USD value

Then plug in historical CPI values from above. The CPI for Fats and oils was 146.892 in the year 1998 and 229.405 in 2020:

229.405 / 146.892 * $20 = $31.23

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1998 has the same "purchasing power" as $31.23 in 2020 (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 1989. 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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