According to the U.S. Bureau of Labor Statistics, prices for motor vehicle repair are 10.37% higher in 2021 versus 2018 (a $51.86 difference in value).
Between 2018 and 2021: Car repair experienced an average inflation rate of 3.34% per year. This rate of change indicates significant inflation. In other words, car repair costing $500 in the year 2018 would cost $551.86 in 2021 for an equivalent purchase. Compared to the overall inflation rate of 2.38% during this same period, inflation for car repair was higher.
In the year 2018: Pricing changed by 0.89%, which is below the average yearly change for car repair during the 2018-2021 time period. Compared to inflation for all items in 2018 (2.44%), inflation for car repair was lower.
Below are calculations of equivalent buying power for Car repair, over time, for $500 beginning in 2018. 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 repair: