Milk priced at $5 in 2020 $5.17 in 2021

Milk Inflation Calculator


Prices for Milk, 2020-2021 ($5)

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.

Price Inflation for Milk since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2022 (14%), 2009 (-13.15%), and 2004 (12.05%).

Price history

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:

YearAverage price (Milk)Inflation adjusted price (2023 dollars)
2023$3.81 (latest available value)$3.81

View price changes for other categories
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Buying power of $5.00 since 2020

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:

YearUSD ValueInflation 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:


Adjust milk prices for inflation

Start with the inflation rate formula:

CPI in 2021 / CPI in 2020 * 2020 USD value = 2021 USD value

Then plug in historical CPI values from above. The CPI for Milk was 148.507 in the year 2020 and 153.618 in 2021:

153.618 / 148.507 * $5 = $5.17

Therefore, according to U.S. Bureau of Labor Statistics, $5 in 2020 has the same "purchasing power" as $5.17 in 2021 (in the CPI category of Milk).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Milk in 1997. In addition to milk, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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