According to the U.S. Bureau of Labor Statistics, prices for milk are 24.78% higher in 2024 versus 2016 (a $1.24 difference in value).
The current national average price is $3.98 for "Milk, fresh, low-fat, reduced fat, skim, per gal. (3.8 lit) in West, average price, not seasonally adjusted". This data is collected by a national survey and can vary from region to region.
Between 2016 and 2024: Milk experienced an average inflation rate of 2.81% per year. This rate of change indicates significant inflation. In other words, milk costing $5 in the year 2016 would cost $6.24 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.40% during this same period, inflation for milk was lower.
In the year 2016: Pricing changed by -4.61%, which is significantly below the average yearly change for milk during the 2016-2024 time period. Compared to inflation for all items in 2016 (1.26%), inflation for milk was much lower.
The average price for Milk is calculated from a weighted average of retailer data collected by the Bureau of Labor Statistics. Inflation rate is also calculated by the Bureau of Labor Statistics. The table below shows average prices and their corresponding "real" prices adjusted for inflation rate. To understand how price levels differ from inflation rates, see this article published by the BLS.
Average prices for Milk, fresh, low-fat, reduced fat, skim, per gal. (3.8 lit) in West, average price, not seasonally adjusted:
| Year | Average price (Milk) | Inflation adjusted price (2024 dollars) |
|---|---|---|
| 2024 | $3.98 (latest available value) | $3.98 |
| 2023 | $3.93 | $3.92 |
| 2022 | $4.11 | $4.12 |
| 2021 | $3.21 | $3.66 |
| 2020 | $2.96 | $3.50 |
| 2019 | $2.58 | $3.22 |
| 2018 | $2.45 | $3.14 |
Below are calculations of equivalent buying power for Milk, over time, for $5 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 | $5.00 | -4.61% |
| 2017 | $4.96 | -0.71% |
| 2018 | $4.87 | -1.91% |
| 2019 | $5.00 | 2.73% |
| 2020 | $5.28 | 5.52% |
| 2021 | $5.46 | 3.44% |
| 2022 | $6.22 | 14.00% |
| 2023 | $6.26 | 0.59% |
| 2024 | $6.24 | -0.35%* |
* 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 Milk:
| Year | 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 | 2024 |
| CPI | 100.000 | 101.308 | 107.592 | 107.754 | 112.700 | 110.608 | 111.538 | 124.977 | 126.985 | 125.469 | 140.119 | 148.507 | 128.978 | 133.586 | 145.819 | 147.449 | 149.176 | 156.573 | 147.479 | 140.674 | 139.677 | 137.005 | 140.743 | 148.507 | 153.618 | 175.120 | 176.145 | 175.532 |