According to the U.S. Bureau of Labor Statistics, prices for information technology, hardware and services are 3.19% lower in 2023 versus 2021 (a $0.64 difference in value).
Between 2021 and 2023: Information technology, hardware and services experienced an average inflation rate of -1.61% per year. In other words, information technology, hardware and services costing $20 in the year 2021 would cost $19.36 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.45% during this same period, inflation for information technology, hardware and services was significantly lower.
In the year 2021: Pricing changed by 0.60%, which is above the average yearly change for information technology, hardware and services during the 2021-2023 time period. Compared to inflation for all items in 2021 (4.70%), 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 2021. 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 Information technology, hardware and services: