Financial services price inflation, 2016→2023

Financial Services Inflation Calculator

Prices for Financial Services, 2016-2023 ($500)

According to the U.S. Bureau of Labor Statistics, prices for financial services are 27.30% higher in 2023 versus 2016 (a $136.51 difference in value).

Between 2016 and 2023: Financial services experienced an average inflation rate of 3.51% per year. This rate of change indicates significant inflation. In other words, financial services costing $500 in the year 2016 would cost $636.51 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.45% 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 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for financial services was higher.

Price Inflation for Financial services since 1986

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1994 (8.56%), 1991 (8.26%), and 1990 (7.30%).

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Buying power of $500.00 since 2016

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
2016	$500.00	3.86%
2017	$518.33	3.67%
2018	$543.59	4.87%
2019	$552.17	1.58%
2020	$560.43	1.50%
2021	$561.19	0.14%
2022	$593.64	5.78%
2023	$636.51	7.22%*

* 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 Financial services:

Year	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
CPI	100.000	101.731	108.485	115.100	123.508	133.715	141.469	149.631	162.438	172.823	182.569	191.723	198.985	206.392	215.677	224.308	232.715	239.523	247.369	252.315	259.762	268.183	274.571	261.039	267.673	275.023	290.091	297.897	304.702	317.571	329.823	341.917	358.577	364.240	369.687	370.186	391.594	419.868

Adjust financial services prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Financial services was 329.823 in the year 2016 and 419.868 in 2023:

419.868 / 329.823 * $500 = $636.51

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 2016 has the same "purchasing power" as $636.51 in 2023 (in the CPI category of Financial services).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Financial services in 1986. In addition to financial services, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.