Fresh whole milk price inflation, 2016→2023

Fresh Whole Milk Inflation Calculator

Prices for Fresh Whole Milk, 2016-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fresh whole milk are 24.23% higher in 2023 versus 2016 (a $4.85 difference in value).

Between 2016 and 2023: Fresh whole milk experienced an average inflation rate of 3.15% per year. This rate of change indicates significant inflation. In other words, fresh whole milk costing $20 in the year 2016 would cost $24.85 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.45% during this same period, inflation for fresh whole milk was lower.

In the year 2016: Pricing changed by -4.67%, which is significantly below the average yearly change for fresh whole milk during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for fresh whole milk was much lower.

Price Inflation for Fresh whole milk since 1939

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1974 (19.81%), 2009 (-15.68%), and 1946 (14.88%).

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Buying power of $20.00 since 2016

Below are calculations of equivalent buying power for Fresh whole milk, over time, for $20 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2016	$20.00	-4.67%
2017	$19.79	-1.06%
2018	$19.26	-2.65%
2019	$19.74	2.48%
2020	$20.93	6.05%
2021	$21.99	5.06%
2022	$25.06	13.94%
2023	$24.85	-0.85%*

* 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 Fresh whole milk:

Year	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
CPI	18.538	19.115	20.846	22.515	23.854	24.169	24.200	27.800	31.108	34.662	33.169	32.238	35.762	37.523	37.092	36.331	36.377	37.469	38.792	39.515	39.900	40.846	40.992	40.800	40.585	40.723	40.515	43.108	44.823	46.715	48.008	50.038	51.415	52.154	57.085	68.392	68.485	72.069	72.800	77.015	85.854	93.485	98.769	99.300	99.969	100.723	102.300	101.708	103.638	106.038	114.269	126.669	122.392	126.431	127.892	131.162	131.115	141.092	142.877	147.923	156.223	156.923	165.869	162.115	162.477	183.362	184.923	181.585	205.397	217.220	183.170	191.173	209.530	211.266	214.683	227.740	213.082	203.133	200.974	195.638	200.491	212.621	223.383	254.519	252.350

Adjust fresh whole milk prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Fresh whole milk was 203.133 in the year 2016 and 252.350 in 2023:

252.350 / 203.133 * $20 = $24.85

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2016 has the same "purchasing power" as $24.85 in 2023 (in the CPI category of Fresh whole milk).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fresh whole milk in 1939. In addition to fresh whole milk, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.