New York price inflation, 2020→2024

Inflation in New York

Prices in New York, 2020-2024 ($70,000)

According to the U.S. Bureau of Labor Statistics, prices in New York are 17.63% higher in 2024 versus 2020 (a $12,341.17 difference in value).

Between 2020 and 2024: New York experienced an average inflation rate of 4.14% per year. This rate of change indicates significant inflation. In other words, $70,000 in New York in the year 2020 would cost $82,341.17 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.87% during this same period, inflation in New York was lower.

In the year 2020: Pricing changed by 1.71%, which is below the average yearly change in New York during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation in New York was higher.

Price Inflation in New York since 1914

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

Years with the largest changes in pricing: 1919 (22.12%), 1918 (22.09%), and 1920 (17.24%).

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Buying power of $70,000.00 since 2020

Below are calculations of equivalent buying power in New York, over time, for $70,000 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
2020	$70,000.00	1.71%
2021	$72,321.54	3.32%
2022	$76,735.21	6.10%
2023	$79,668.77	3.82%
2024	$82,341.17	3.35%*

* 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 New York:

Year	1914	1915	1916	1917	1918	1919	1920	1921	1922	1923	1924	1925	1926	1927	1928	1929	1930	1931	1932	1933	1934	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	9.900	9.917	10.200	11.508	14.050	17.158	20.117	18.408	17.283	17.458	17.492	17.767	18.267	18.050	17.875	17.808	17.575	16.367	14.950	13.933	14.192	14.375	14.550	14.867	14.617	14.550	14.700	15.250	16.717	17.967	18.400	18.825	20.683	23.167	24.742	24.467	24.608	26.442	26.900	27.042	27.208	27.083	27.483	28.358	29.208	29.650	30.192	30.458	30.925	31.600	32.092	32.608	33.708	34.583	36.075	38.308	41.150	43.533	45.450	48.342	53.542	57.608	60.992	64.167	67.850	73.725	82.050	90.125	95.333	99.833	104.833	108.708	112.275	117.950	123.683	130.558	138.542	144.800	150.025	154.508	158.183	162.158	166.925	170.817	173.608	176.983	182.483	187.133	191.900	197.792	204.767	212.708	220.742	226.940	235.782	236.825	240.864	247.718	252.588	256.833	260.230	260.558	263.365	268.520	273.641	278.164	282.920	292.303	310.141	321.998	332.799

Adjust New York prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for New York was 282.920 in the year 2020 and 332.799 in 2024:

332.799 / 282.920 * $70,000 = $82,341.17

Therefore, according to U.S. Bureau of Labor Statistics, $70,000 in 2020 has the same "purchasing power" as $82,341.17 in 2024 (in the CPI category of New York).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for New York in 1914. In addition to New York, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.