Philadelphia price inflation, 2023→2024

Inflation in Pennsylvania

Prices in Philadelphia, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices in Philadelphia, Pennsylvania are 3.40% higher in 2024 versus 2023 (a $0.68 difference in value).

Between 2023 and 2024: Philadelphia experienced an average inflation rate of 3.40% per year. This rate of change indicates significant inflation. In other words, $20 in Philadelphia in the year 2023 would cost $20.68 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.89% during this same period, inflation in Philadelphia was higher.

In the year 2023: Pricing changed by 4.53%, which is above the average yearly change in Philadelphia during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation in Philadelphia was higher.

Price Inflation in Philadelphia, Pennsylvania since 1914

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

Years with the largest changes in pricing: 1919 (21.56%), 1918 (21.45%), and 1920 (16.49%).

View price changes for other categories
Bananas · Jewelry · Dental services · Rent of primary residence · More

Buying power of $20.00 since 2023

Below are calculations of equivalent buying power in Philadelphia, 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	4.53%
2024	$20.68	3.40%*

* 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 Philadelphia, Pennsylvania:

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	10.200	10.208	10.408	11.808	14.342	17.433	20.308	18.617	17.267	17.542	17.692	18.275	18.833	18.567	18.158	17.808	17.608	16.225	14.600	13.375	14.017	14.233	14.508	14.858	14.550	14.317	14.333	15.042	16.733	17.800	18.042	18.525	20.108	23.008	24.833	24.542	24.692	26.975	27.492	27.625	27.908	27.850	28.233	29.142	29.717	30.050	30.583	30.925	31.200	31.758	32.258	32.758	33.700	34.617	36.275	38.200	40.767	42.758	43.942	46.900	52.467	56.833	59.642	63.533	67.242	73.925	83.575	92.083	96.558	99.375	104.042	108.767	111.467	116.808	122.400	128.300	135.842	142.183	146.583	150.233	154.642	158.692	162.842	166.450	168.117	171.708	176.300	181.183	184.683	188.675	196.150	203.942	211.792	216.435	224.170	223.013	227.581	233.547	237.923	240.780	243.987	243.778	245.204	248.325	251.635	256.411	258.761	268.882	289.890	303.034	313.325

Adjust Philadelphia 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 Philadelphia, Pennsylvania was 303.034 in the year 2023 and 313.325 in 2024:

313.325 / 303.034 * $20 = $20.68

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.68 in 2024 (in the CPI category of Philadelphia, Pennsylvania).

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