According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 828.94% higher in 2024 versus 1967 (a $5,968,366.23 difference in value).
Between 1967 and 2024: Food and beverages experienced an average inflation rate of 3.99% per year. This rate of change indicates significant inflation. In other words, food and beverages costing $720,000 in the year 1967 would cost $6,688,366.23 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.98% during this same period, inflation for food and beverages was higher.
Below are calculations of equivalent buying power for Food and beverages, over time, for $720,000 beginning in 1967. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1967 | $720,000.00 | - |
1968 | $746,121.37 | 3.63% |
1969 | $783,324.54 | 4.99% |
1970 | $825,910.29 | 5.44% |
1971 | $851,398.42 | 3.09% |
1972 | $886,543.54 | 4.13% |
1973 | $1,004,327.18 | 13.29% |
1974 | $1,142,532.98 | 13.76% |
1975 | $1,238,944.59 | 8.44% |
1976 | $1,277,255.94 | 3.09% |
1977 | $1,353,403.69 | 5.96% |
1978 | $1,485,593.67 | 9.77% |
1979 | $1,644,696.57 | 10.71% |
1980 | $1,785,435.36 | 8.56% |
1981 | $1,924,274.41 | 7.78% |
1982 | $2,002,638.52 | 4.07% |
1983 | $2,047,282.32 | 2.23% |
1984 | $2,124,221.64 | 3.76% |
1985 | $2,173,773.09 | 2.33% |
1986 | $2,244,696.57 | 3.26% |
1987 | $2,336,042.22 | 4.07% |
1988 | $2,432,453.83 | 4.13% |
1989 | $2,570,343.01 | 5.67% |
1990 | $2,718,364.12 | 5.76% |
1991 | $2,815,250.66 | 3.56% |
1992 | $2,854,195.25 | 1.38% |
1993 | $2,913,878.63 | 2.09% |
1994 | $2,981,635.88 | 2.33% |
1995 | $3,063,799.47 | 2.76% |
1996 | $3,163,377.31 | 3.25% |
1997 | $3,246,332.45 | 2.62% |
1998 | $3,315,356.20 | 2.13% |
1999 | $3,386,754.62 | 2.15% |
2000 | $3,464,960.42 | 2.31% |
2001 | $3,572,137.20 | 3.09% |
2002 | $3,637,836.41 | 1.84% |
2003 | $3,715,567.28 | 2.14% |
2004 | $3,840,949.87 | 3.37% |
2005 | $3,934,353.56 | 2.43% |
2006 | $4,026,649.08 | 2.35% |
2007 | $4,184,002.64 | 3.91% |
2008 | $4,408,856.99 | 5.37% |
2009 | $4,491,672.82 | 1.88% |
2010 | $4,527,375.20 | 0.79% |
2011 | $4,689,588.92 | 3.58% |
2012 | $4,809,036.41 | 2.55% |
2013 | $4,876,868.07 | 1.41% |
2014 | $4,989,706.07 | 2.31% |
2015 | $5,079,349.87 | 1.80% |
2016 | $5,096,810.03 | 0.34% |
2017 | $5,141,767.28 | 0.88% |
2018 | $5,213,988.92 | 1.40% |
2019 | $5,310,030.08 | 1.84% |
2020 | $5,487,262.80 | 3.34% |
2021 | $5,696,954.09 | 3.82% |
2022 | $6,242,447.49 | 9.58% |
2023 | $6,595,792.08 | 5.66% |
2024 | $6,688,366.23 | 1.40%* |
* 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 Food and beverages:
Year | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 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 | 2024 |
CPI | 34.985 | 36.254 | 38.062 | 40.131 | 41.369 | 43.077 | 48.800 | 55.515 | 60.200 | 62.062 | 65.762 | 72.185 | 79.915 | 86.754 | 93.500 | 97.308 | 99.477 | 103.215 | 105.623 | 109.069 | 113.508 | 118.192 | 124.892 | 132.085 | 136.792 | 138.685 | 141.585 | 144.877 | 148.869 | 153.708 | 157.738 | 161.092 | 164.562 | 168.362 | 173.569 | 176.762 | 180.538 | 186.631 | 191.169 | 195.654 | 203.300 | 214.225 | 218.249 | 219.984 | 227.866 | 233.670 | 236.966 | 242.449 | 246.804 | 247.653 | 249.837 | 253.346 | 258.013 | 266.625 | 276.814 | 303.319 | 320.488 | 324.986 |