According to the U.S. Bureau of Labor Statistics, prices for fresh cakes and cupcakes are 5.43% higher in 2022 versus 2021 (a $1.09 difference in value).
Between 2021 and 2022: Fresh cakes and cupcakes experienced an average inflation rate of 5.43% per year. This rate of change indicates significant inflation. In other words, fresh cakes and cupcakes costing $20 in the year 2021 would cost $21.09 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.31% during this same period, inflation for fresh cakes and cupcakes was higher.
In the year 2021: Pricing changed by 2.98%, which is below the average yearly change for fresh cakes and cupcakes during the 2021-2022 time period. Compared to inflation for all items in 2021 (4.70%), inflation for fresh cakes and cupcakes was lower.
Below are calculations of equivalent buying power for Fresh cakes and cupcakes, over time, for $20 beginning in 2021. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Fresh cakes and cupcakes: