According to the U.S. Bureau of Labor Statistics, prices for information technology, hardware and services are 5.85% lower in 2022 versus 2016 (a $1.17 difference in value).
Between 2016 and 2022: Information technology, hardware and services experienced an average inflation rate of -1% per year. In other words, information technology, hardware and services costing $20 in the year 2016 would cost $18.83 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.01% during this same period, inflation for information technology, hardware and services was significantly lower.
In the year 2016: Pricing changed by -3.07%, which is below the average yearly change for information technology, hardware and services during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation for information technology, hardware and services was much lower.
Below are calculations of equivalent buying power for Information technology, hardware and services, 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|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Information technology, hardware and services: