Food price inflation, 2023→2024

Food Inflation Calculator

Prices for Food, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for food are 2.08% higher in 2024 versus 2023 (a $0.42 difference in value).

Between 2023 and 2024: Food experienced an average inflation rate of 2.08% per year. This rate of change indicates significant inflation. In other words, food costing $20 in the year 2023 would cost $20.42 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for food was lower.

In the year 2023: Pricing changed by 5.76%, which is significantly above the average yearly change for food during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), 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%).

View price changes for other categories
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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Food, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	5.76%
2024	$20.42	2.08%*

* 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
CPI	9.923	10.154	10.054	11.277	14.508	16.700	18.577	20.977	15.900	14.892	15.385	15.231	16.500	17.046	16.431	16.246	16.454	15.646	12.900	10.723	10.415	11.608	12.454	12.569	13.085	12.138	11.823	11.985	13.077	15.385	17.100	16.877	17.262	19.815	24.062	26.085	25.062	25.392	28.223	28.723	28.269	28.238	27.815	28.023	28.923	30.169	29.662	30.015	30.362	30.631	31.069	31.477	32.177	33.808	34.062	35.292	37.108	39.200	40.354	42.092	48.177	55.115	59.792	61.631	65.515	72.054	79.915	86.777	93.562	97.354	99.408	103.231	105.569	108.946	113.485	118.177	125.077	132.369	136.254	137.892	140.862	144.277	148.415	153.285	157.277	160.685	164.100	167.815	173.085	176.215	179.977	186.177	190.723	195.177	202.916	214.106	217.955	219.625	227.842	233.777	237.037	242.725	247.235	247.931	250.065	253.558	258.316	267.219	277.756	305.388	322.965	329.668

Adjust food prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Food was 322.965 in the year 2023 and 329.668 in 2024:

329.668 / 322.965 * $20 = $20.42

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.42 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.