According to the U.S. Bureau of Labor Statistics, prices for financial services were 12.74% higher in 2020 versus 2016 (a $63.72 difference in value).
Between 2016 and 2020: Financial services experienced an average inflation rate of 3.04% per year. This rate of change indicates significant inflation. In other words, financial services costing $500 in the year 2016 would cost $563.72 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 1.80% during this same period, inflation for financial services was higher.
In the year 2016: Pricing changed by 3.86%, which is above the average yearly change for financial services during the 2016-2020 time period. Compared to inflation for all items in 2016 (1.26%), 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 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|