According to the U.S. Bureau of Labor Statistics, prices for motor vehicle repair are 3.67% higher in 2022 versus 2021 (a $18.36 difference in value).
Between 2021 and 2022: Car repair experienced an average inflation rate of 3.67% per year. This rate of change indicates significant inflation. In other words, car repair costing $500 in the year 2021 would cost $518.36 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.31% during this same period, inflation for car repair was lower.
In the year 2021: Pricing changed by 4.19%, which is above the average yearly change for car repair during the 2021-2022 time period. Compared to inflation for all items in 2021 (4.70%), inflation for car repair was lower.
Below are calculations of equivalent buying power for Car repair, over time, for $500 beginning in 2021. 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: