According to the U.S. Bureau of Labor Statistics, prices for fees for lessons or instructions were 15.51% higher in 2020 versus 2014 (a $3.10 difference in value).
Between 2014 and 2020: Fees for lessons or instructions experienced an average inflation rate of 2.43% per year. This rate of change indicates significant inflation. In other words, fees for lessons or instructions costing $20 in the year 2014 would cost $23.10 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.50% during this same period, inflation for fees for lessons or instructions was higher.
In the year 2014: Pricing changed by 1.48%, which is below the average yearly change for fees for lessons or instructions during the 2014-2020 time period. Compared to inflation for all items in 2014 (1.62%), inflation for fees for lessons or instructions was lower.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fees for lessons or instructions:
Below are calculations of equivalent buying power for Fees for lessons or instructions, over time, for $20 beginning in 2014. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|