Food priced at $20 in 2020 $24.17 in 2023

Food Inflation Calculator


Prices for Food, 2020-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for food were 20.86% higher in 2023 versus 2020 (a $4.17 difference in value).

Between 2020 and 2023: Food experienced an average inflation rate of 6.52% per year. This rate of change indicates significant inflation. In other words, food costing $20 in the year 2020 would cost $24.17 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.59% during this same period, inflation for food was higher.

In the year 2020: Pricing changed by 3.45%, which is significantly below the average yearly change for food during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), inflation for food was higher.

Price Inflation for Food since 1913

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1917 (28.65%), 1921 (-24.20%), and 1947 (21.43%).

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Buying power of $20.00 since 2020

Below are calculations of equivalent buying power for Food, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate

* 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:


Adjust food prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2020 * 2020 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Food was 267.219 in the year 2020 and 322.965 in 2023:

322.965 / 267.219 * $20 = $24.17

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2020 has the same "purchasing power" as $24.17 in 2023 (in the CPI category of Food).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Food in 1913. In addition to food, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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