According to the U.S. Bureau of Labor Statistics, prices for fats and oils are 37.12% higher in 2023 versus 2016 (a $7.42 difference in value).
Between 2016 and 2023: Fats and oils experienced an average inflation rate of 4.61% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 2016 would cost $27.42 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.45% during this same period, inflation for fats and oils was higher.
In the year 2016: Pricing changed by -0.59%, which is significantly below the average yearly change for fats and oils during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for fats and oils was lower.
Below are calculations of equivalent buying power for Fats and oils, over time, for $20 beginning in 2016. 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 Fats and oils: