According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 710.83% higher in 2024 versus 1970 (a $3,035,246.06 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 $427,000 in the year 1970 would cost $3,462,246.06 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 $427,000 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 | $427,000.00 | 5.44% |
1971 | $440,177.50 | 3.09% |
1972 | $458,347.71 | 4.13% |
1973 | $519,242.48 | 13.29% |
1974 | $590,695.61 | 13.76% |
1975 | $640,540.92 | 8.44% |
1976 | $660,348.09 | 3.09% |
1977 | $699,716.89 | 5.96% |
1978 | $768,059.80 | 9.77% |
1979 | $850,316.85 | 10.71% |
1980 | $923,079.55 | 8.56% |
1981 | $994,860.07 | 7.78% |
1982 | $1,035,374.74 | 4.07% |
1983 | $1,058,455.82 | 2.23% |
1984 | $1,098,233.85 | 3.76% |
1985 | $1,123,852.21 | 2.33% |
1986 | $1,160,520.03 | 3.26% |
1987 | $1,207,746.21 | 4.07% |
1988 | $1,257,591.53 | 4.13% |
1989 | $1,328,880.97 | 5.67% |
1990 | $1,405,408.66 | 5.76% |
1991 | $1,455,499.52 | 3.56% |
1992 | $1,475,634.08 | 1.38% |
1993 | $1,506,490.70 | 2.09% |
1994 | $1,541,521.56 | 2.33% |
1995 | $1,584,000.58 | 2.76% |
1996 | $1,635,482.84 | 3.25% |
1997 | $1,678,371.09 | 2.62% |
1998 | $1,714,056.74 | 2.13% |
1999 | $1,750,970.10 | 2.15% |
2000 | $1,791,402.91 | 2.31% |
2001 | $1,846,813.88 | 3.09% |
2002 | $1,880,780.72 | 1.84% |
2003 | $1,920,967.99 | 2.14% |
2004 | $1,985,791.45 | 3.37% |
2005 | $2,034,081.66 | 2.43% |
2006 | $2,081,798.93 | 2.35% |
2007 | $2,163,151.55 | 3.91% |
2008 | $2,279,402.45 | 5.37% |
2009 | $2,322,218.67 | 1.88% |
2010 | $2,340,676.99 | 0.79% |
2011 | $2,424,542.34 | 3.58% |
2012 | $2,486,297.33 | 2.55% |
2013 | $2,521,366.66 | 1.41% |
2014 | $2,579,704.50 | 2.31% |
2015 | $2,626,050.82 | 1.80% |
2016 | $2,635,077.81 | 0.34% |
2017 | $2,658,320.95 | 0.88% |
2018 | $2,695,659.92 | 1.40% |
2019 | $2,745,313.71 | 1.84% |
2020 | $2,836,943.97 | 3.34% |
2021 | $2,945,355.48 | 3.82% |
2022 | $3,227,378.46 | 9.58% |
2023 | $3,410,059.49 | 5.66% |
2024 | $3,462,246.06 | 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 |