According to the U.S. Bureau of Labor Statistics, prices for financial services were 2.08% higher in 2020 versus 2019 (a $10.39 difference in value).
Between 2019 and 2020: Financial services experienced an average inflation rate of 2.08% per year. This rate of change indicates significant inflation. In other words, financial services costing $500 in the year 2019 would cost $510.39 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 0.83% during this same period, inflation for financial services was higher.
In the year 2019: Pricing changed by 1.58%, which is below the average yearly change for financial services during the 2019-2020 time period. Compared to inflation for all items in 2019 (1.81%), inflation for financial services was lower.
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 2019. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|