According to the U.S. Bureau of Labor Statistics, prices for milk were 3.44% higher in 2021 versus 2020 (a $0.17 difference in value).
The current national average price is $3.81 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 2020 and 2021: Milk experienced an average inflation rate of 3.44% per year. This rate of change indicates significant inflation. In other words, milk costing $5 in the year 2020 would cost $5.17 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 4.70% during this same period, inflation for milk was lower.
In the year 2020: Pricing changed by 5.52%, which is above the average yearly change for milk during the 2020-2021 time period. Compared to inflation for all items in 2020 (1.23%), inflation for milk was much higher.
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 (2023 dollars)|
|2023||$3.81 (latest available value)||$3.81|
Below are calculations of equivalent buying power for Milk, over time, for $5 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 Milk: