Food price inflation, 2022→2024

Food Inflation Calculator

Prices for Food, 2022-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for food were 8.15% higher in 2024 versus 2022 (a $1.63 difference in value).

Between 2022 and 2024: Food experienced an average inflation rate of 3.99% per year. This rate of change indicates significant inflation. In other words, food costing $20 in the year 2022 would cost $21.63 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.53% during this same period, inflation for food was higher.

In the year 2022: Pricing changed by 9.95%, which is significantly above the average yearly change for food during the 2022-2024 time period. Compared to inflation for all items in 2022 (8%), 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 (28.68%), 1921 (-24.20%), and 1947 (21.40%).

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Buying power of $20.00 since 2022

Below are calculations of equivalent buying power for Food, over time, for $20 beginning in 2022. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2022	$20.00	9.95%
2023	$21.15	5.76%
2024	$21.63	2.26%
2025	$22.23	2.76%
2026	$22.38	0.69%*

* 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:

Year	1913	1914	1915	1916	1917	1918	1919	1920	1921	1922	1923	1924	1925	1926	1927	1928	1929	1930	1931	1932	1933	1934	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	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	2025	2026
CPI	9.917	10.150	10.058	11.275	14.508	16.700	18.575	20.975	15.900	14.892	15.383	15.233	16.500	17.050	16.433	16.242	16.450	15.650	12.900	10.725	10.417	11.608	12.458	12.567	13.083	12.142	11.825	11.983	13.075	15.383	17.100	16.875	17.258	19.817	24.058	26.083	25.067	25.392	28.225	28.725	28.267	28.242	27.817	28.025	28.925	30.167	29.658	30.017	30.358	30.633	31.067	31.475	32.175	33.808	34.058	35.292	37.108	39.200	40.350	42.092	48.175	55.117	59.792	61.633	65.517	72.058	79.917	86.775	93.558	97.350	99.408	103.233	105.567	108.942	113.483	118.175	125.075	132.367	136.250	137.892	140.858	144.275	148.417	153.283	157.275	160.683	164.100	167.817	173.083	176.217	179.975	186.175	190.725	195.175	202.916	214.106	217.955	219.625	227.841	233.777	237.037	242.725	247.235	247.931	250.065	253.558	258.316	267.219	277.756	305.388	322.965	330.263	339.386	341.721

Adjust food prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2022 * 2022 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Food was 305.388 in the year 2022 and 330.263 in 2024:

330.263 / 305.388 * $20 = $21.63

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2022 has the same "purchasing power" as $21.63 in 2024 (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.