According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 710.24% higher in 2024 versus 1970 (a $9,943,317.74 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 $1,400,000 in the year 1970 would cost $11,343,317.74 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.92% 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 $1,400,000 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 | $1,400,000.00 | 5.44% |
1971 | $1,443,204.91 | 3.09% |
1972 | $1,502,779.38 | 4.13% |
1973 | $1,702,434.35 | 13.29% |
1974 | $1,936,706.92 | 13.76% |
1975 | $2,100,134.18 | 8.44% |
1976 | $2,165,075.71 | 3.09% |
1977 | $2,294,153.73 | 5.96% |
1978 | $2,518,228.87 | 9.77% |
1979 | $2,787,924.09 | 10.71% |
1980 | $3,026,490.32 | 8.56% |
1981 | $3,261,836.30 | 7.78% |
1982 | $3,394,671.27 | 4.07% |
1983 | $3,470,346.94 | 2.23% |
1984 | $3,600,766.72 | 3.76% |
1985 | $3,684,761.36 | 2.33% |
1986 | $3,804,983.71 | 3.26% |
1987 | $3,959,823.65 | 4.07% |
1988 | $4,123,250.91 | 4.13% |
1989 | $4,356,986.77 | 5.67% |
1990 | $4,607,897.26 | 5.76% |
1991 | $4,772,129.58 | 3.56% |
1992 | $4,838,144.53 | 1.38% |
1993 | $4,939,313.78 | 2.09% |
1994 | $5,054,169.06 | 2.33% |
1995 | $5,193,444.51 | 2.76% |
1996 | $5,362,238.83 | 3.25% |
1997 | $5,502,856.05 | 2.62% |
1998 | $5,619,858.16 | 2.13% |
1999 | $5,740,885.57 | 2.15% |
2000 | $5,873,452.18 | 2.31% |
2001 | $6,055,127.47 | 3.09% |
2002 | $6,166,494.15 | 1.84% |
2003 | $6,298,255.70 | 2.14% |
2004 | $6,510,791.64 | 3.37% |
2005 | $6,669,120.18 | 2.43% |
2006 | $6,825,570.25 | 2.35% |
2007 | $7,092,300.17 | 3.91% |
2008 | $7,473,450.64 | 5.37% |
2009 | $7,613,831.70 | 1.88% |
2010 | $7,674,350.78 | 0.79% |
2011 | $7,949,319.15 | 3.58% |
2012 | $8,151,794.52 | 2.55% |
2013 | $8,266,775.92 | 1.41% |
2014 | $8,458,047.54 | 2.31% |
2015 | $8,610,002.68 | 1.80% |
2016 | $8,639,599.39 | 0.34% |
2017 | $8,715,806.40 | 0.88% |
2018 | $8,838,229.25 | 1.40% |
2019 | $9,001,028.56 | 1.84% |
2020 | $9,301,455.63 | 3.34% |
2021 | $9,656,903.20 | 3.82% |
2022 | $10,581,568.72 | 9.58% |
2023 | $11,180,522.91 | 5.66% |
2024 | $11,343,317.74 | 1.46%* |
* 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 | 325.154 |