Fats and oils price inflation, 2023→2024

Fats And Oils Inflation Calculator

Prices for Fats And Oils, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fats and oils are 2.58% higher in 2024 versus 2023 (a $0.52 difference in value).

Between 2023 and 2024: Fats and oils experienced an average inflation rate of 2.58% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 2023 would cost $20.52 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for fats and oils was lower.

In the year 2023: Pricing changed by 8.98%, which is significantly above the average yearly change for fats and oils during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for fats and oils was much 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 2023

Below are calculations of equivalent buying power for Fats and oils, 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	8.98%
2024	$20.52	2.58%*

* 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:

Year	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	37.008	36.685	36.838	39.154	42.700	43.154	46.762	66.385	73.515	64.285	70.831	77.554	83.746	89.269	98.854	96.069	97.377	106.562	108.946	106.492	108.069	113.115	121.177	126.331	131.731	129.838	129.992	133.531	137.269	140.515	141.715	146.908	148.262	147.415	155.700	155.438	157.377	167.792	167.723	167.992	172.921	196.751	201.224	200.587	219.163	232.579	229.316	229.658	227.293	225.947	227.715	228.035	226.419	229.455	240.055	284.530	310.076	318.076

Adjust fats and oils 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 Fats and oils was 310.076 in the year 2023 and 318.076 in 2024:

318.076 / 310.076 * $20 = $20.52

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.52 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.