According to the U.S. Bureau of Labor Statistics, prices for fuels and utilities are 25.06% higher in 2023 versus 2020 (a $5.01 difference in value).
Between 2020 and 2023: Fuels and utilities experienced an average inflation rate of 7.74% per year. This rate of change indicates significant inflation. In other words, fuels and utilities costing $20 in the year 2020 would cost $25.01 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.44% during this same period, inflation for fuels and utilities was higher.
In the year 2020: Pricing changed by 0.56%, which is significantly below the average yearly change for fuels and utilities during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), inflation for fuels and utilities was lower.
Below are calculations of equivalent buying power for Fuels and utilities, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation 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 Fuels and utilities: