According to the U.S. Bureau of Labor Statistics, prices for financial services are 5.52% higher in 2022 versus 2021 (a $27.58 difference in value).
Between 2021 and 2022: Financial services experienced an average inflation rate of 5.52% per year. This rate of change indicates significant inflation. In other words, financial services costing $500 in the year 2021 would cost $527.58 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.31% during this same period, inflation for financial services was higher.
In the year 2021: Pricing changed by 0.14%, which is significantly below the average yearly change for financial services during the 2021-2022 time period. Compared to inflation for all items in 2021 (4.70%), inflation for financial services was much lower.
Below are calculations of equivalent buying power for Financial services, over time, for $500 beginning in 2021. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Financial services: