Phoenix, Arizona prices: $20 in 2002 $35.47 in 2023

Inflation in Arizona

$

Prices in Phoenix, 2002-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices in Phoenix, Arizona are 77.37% higher in 2023 versus 2002 (a $15.47 difference in value).

Between 2002 and 2023: Phoenix experienced an average inflation rate of 2.77% per year. This rate of change indicates significant inflation. In other words, $20 in Phoenix in the year 2002 would cost $35.47 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.54% during this same period, inflation in Phoenix was higher.

Price Inflation in Phoenix, Arizona since 2002

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2022 (11.51%), 2023 (5.18%), and 2021 (5.01%).

View price changes for other categories
Bananas · Dallas-Fort Worth, Texas · Bread · Rent of primary residence · More

Buying power of $20.00 since 2002

Below are calculations of equivalent buying power in Phoenix, over time, for $20 beginning in 2002. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2002$20.00-
2003$20.422.08%
2004$20.791.84%
2005$21.402.95%
2006$22.042.95%
2007$22.783.39%
2008$23.573.45%
2009$23.23-1.42%
2010$23.370.56%
2011$24.012.75%
2012$24.542.23%
2013$24.861.28%
2014$25.261.62%
2015$25.300.15%
2016$25.711.63%
2017$26.352.47%
2018$27.454.16%
2019$28.252.91%
2020$28.801.96%
2021$30.245.01%
2022$33.7311.51%
2023$35.475.18%*

* 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 Phoenix, Arizona:

Year2002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI101.200103.300105.200108.300111.500115.284119.264117.568118.227121.483124.197125.782127.823128.019130.107133.324138.875142.920145.724153.032170.652179.497

Adjust Phoenix prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2002 * 2002 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Phoenix, Arizona was 101.200 in the year 2002 and 179.497 in 2023:

179.497 / 101.200 * $20 = $35.47

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2002 has the same "purchasing power" as $35.47 in 2023 (in the CPI category of Phoenix, Arizona).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Phoenix, Arizona in 2002. In addition to Phoenix, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

» Read more about inflation and investment.