Fresh whole milk priced at $20 in 2016 $24.85 in 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:

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 Fresh whole milk:


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.

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