According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 710.83% higher in 2024 versus 1970 (a $7,819,135.04 difference in value).
Between 1970 and 2024: Food and beverages experienced an average inflation rate of 3.95% per year. This rate of change indicates significant inflation. In other words, food and beverages costing $1,100,000 in the year 1970 would cost $8,919,135.04 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.93% during this same period, inflation for food and beverages was higher.
In the year 1970: Pricing changed by 5.44%, which is above the average yearly change for food and beverages during the 1970-2024 time period. Compared to inflation for all items in 1970 (5.83%), inflation for food and beverages was lower.
Below are calculations of equivalent buying power for Food and beverages, over time, for $1,100,000 beginning in 1970. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1970 | $1,100,000.00 | 5.44% |
1971 | $1,133,946.71 | 3.09% |
1972 | $1,180,755.22 | 4.13% |
1973 | $1,337,626.99 | 13.29% |
1974 | $1,521,698.29 | 13.76% |
1975 | $1,650,105.42 | 8.44% |
1976 | $1,701,130.92 | 3.09% |
1977 | $1,802,549.36 | 5.96% |
1978 | $1,978,608.40 | 9.77% |
1979 | $2,190,511.79 | 10.71% |
1980 | $2,377,956.68 | 8.56% |
1981 | $2,562,871.38 | 7.78% |
1982 | $2,667,241.71 | 4.07% |
1983 | $2,726,701.17 | 2.23% |
1984 | $2,829,173.85 | 3.76% |
1985 | $2,895,169.64 | 2.33% |
1986 | $2,989,630.06 | 3.26% |
1987 | $3,111,290.01 | 4.07% |
1988 | $3,239,697.14 | 4.13% |
1989 | $3,423,346.75 | 5.67% |
1990 | $3,620,490.70 | 5.76% |
1991 | $3,749,530.38 | 3.56% |
1992 | $3,801,399.27 | 1.38% |
1993 | $3,880,889.40 | 2.09% |
1994 | $3,971,132.83 | 2.33% |
1995 | $4,080,563.54 | 2.76% |
1996 | $4,213,187.66 | 3.25% |
1997 | $4,323,672.61 | 2.62% |
1998 | $4,415,602.84 | 2.13% |
1999 | $4,510,695.80 | 2.15% |
2000 | $4,614,855.28 | 2.31% |
2001 | $4,757,600.15 | 3.09% |
2002 | $4,845,102.55 | 1.84% |
2003 | $4,948,629.48 | 2.14% |
2004 | $5,115,622.00 | 3.37% |
2005 | $5,240,023.00 | 2.43% |
2006 | $5,362,948.05 | 2.35% |
2007 | $5,572,521.56 | 3.91% |
2008 | $5,871,996.93 | 5.37% |
2009 | $5,982,296.34 | 1.88% |
2010 | $6,029,847.04 | 0.79% |
2011 | $6,245,893.62 | 3.58% |
2012 | $6,404,981.41 | 2.55% |
2013 | $6,495,323.94 | 1.41% |
2014 | $6,645,608.78 | 2.31% |
2015 | $6,765,002.11 | 1.80% |
2016 | $6,788,256.66 | 0.34% |
2017 | $6,848,133.60 | 0.88% |
2018 | $6,944,322.98 | 1.40% |
2019 | $7,072,236.73 | 1.84% |
2020 | $7,308,286.56 | 3.34% |
2021 | $7,587,566.80 | 3.82% |
2022 | $8,314,089.71 | 9.58% |
2023 | $8,784,696.57 | 5.66% |
2024 | $8,919,135.04 | 1.53%* |
* 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 | 325.392 |