According to the U.S. Bureau of Labor Statistics, prices for fats and oils are 8.89% higher in 2023 versus 2022 (a $1.78 difference in value).
Between 2022 and 2023: Fats and oils experienced an average inflation rate of 8.89% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 2022 would cost $21.78 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.97% during this same period, inflation for fats and oils was significantly higher.
In the year 2022: Pricing changed by 18.53%, which is significantly above the average yearly change for fats and oils during the 2022-2023 time period. Compared to inflation for all items in 2022 (8%), inflation for fats and oils was much higher.
Below are calculations of equivalent buying power for Fats and oils, over time, for $20 beginning in 2022. 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: