According to the U.S. Bureau of Labor Statistics, prices for motor vehicle maintenance and servicing are 6.81% higher in 2022 versus 2020 (a $34.06 difference in value).
Between 2020 and 2022: Car servicing experienced an average inflation rate of 3.35% per year. This rate of change indicates significant inflation. In other words, car servicing costing $500 in the year 2020 would cost $534.06 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.01% during this same period, inflation for car servicing was lower.
In the year 2020: Pricing changed by 2.96%, which is below the average yearly change for car servicing during the 2020-2022 time period. Compared to inflation for all items in 2020 (1.23%), inflation for car servicing was higher.
Below are calculations of equivalent buying power for Car servicing, over time, for $500 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|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Motor vehicle maintenance and servicing: