According to the U.S. Bureau of Labor Statistics, prices for financial services were 21.84% higher in 2020 versus 2014 (a $109.18 difference in value).
Between 2014 and 2020: Financial services experienced an average inflation rate of 3.35% per year. This rate of change indicates significant inflation. In other words, financial services costing $500 in the year 2014 would cost $609.18 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.48% during this same period, inflation for financial services was higher.
In the year 2014: Pricing changed by 2.28%, which is below the average yearly change for financial services during the 2014-2020 time period. Compared to inflation for all items in 2014 (1.62%), inflation for financial services was higher.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Financial services:
Below are calculations of equivalent buying power for Financial services, over time, for $500 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|