Motor fuel price inflation, 2023→2024

Motor Fuel Inflation Calculator

Prices for Motor Fuel, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for motor fuel are 3.79% lower in 2024 versus 2023 (a $0.76 difference in value).

Between 2023 and 2024: Motor fuel experienced an average inflation rate of -3.79% per year. This rate of change indicates significant deflation. In other words, motor fuel costing $20 in the year 2023 would cost $19.24 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for motor fuel was significantly lower.

In the year 2023: Pricing changed by -10.56%, which is significantly below the average yearly change for motor fuel during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for motor fuel was much lower.

Price Inflation for Motor fuel since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1980 (38.92%), 2021 (35.77%), and 1974 (35.49%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Motor fuel, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	-10.56%
2024	$19.24	-3.79%*

* 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 Motor fuel:

Year	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	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	13.125	13.617	14.220	13.740	12.920	12.614	13.308	14.077	14.254	14.300	14.246	14.508	16.350	18.640	19.140	18.960	19.520	20.040	21.340	21.740	22.140	22.880	23.769	23.431	23.715	24.408	24.146	24.292	24.223	24.100	25.167	25.640	26.385	26.785	27.662	27.885	28.069	28.415	31.169	42.231	45.100	46.977	49.692	51.808	70.131	97.423	108.462	102.800	99.377	97.838	98.669	77.100	80.223	80.885	88.515	101.177	99.400	99.023	97.992	98.477	99.969	106.285	106.223	92.169	100.708	129.331	124.700	116.608	135.762	160.385	195.669	221.031	239.070	279.652	201.978	239.178	302.619	312.660	303.850	292.435	213.062	188.389	212.721	241.861	233.234	195.242	265.083	350.261	313.257	301.394

Adjust motor fuel prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Motor fuel was 313.257 in the year 2023 and 301.394 in 2024:

301.394 / 313.257 * $20 = $19.24

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $19.24 in 2024 (in the CPI category of Motor fuel).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Motor fuel in 1935. In addition to motor fuel, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.