Phoenix price inflation, 2003→2024

Inflation in Arizona

Prices in Phoenix, 2003-2024 ($5,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Phoenix, Arizona are 77.62% higher in 2024 versus 2003 (a $3,880,977.73 difference in value).

Between 2003 and 2024: Phoenix experienced an average inflation rate of 2.77% per year. This rate of change indicates significant inflation. In other words, $5,000,000 in Phoenix in the year 2003 would cost $8,880,977.73 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.57% during this same period, inflation in Phoenix was higher.

In the year 2003: Pricing changed by 2.08%, which is below the average yearly change in Phoenix during the 2003-2024 time period. Compared to inflation for all items in 2003 (2.27%), inflation in Phoenix was lower.

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%).

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Buying power of $5,000,000.00 since 2003

Below are calculations of equivalent buying power in Phoenix, over time, for $5,000,000 beginning in 2003. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2003	$5,000,000.00	2.08%
2004	$5,091,965.15	1.84%
2005	$5,242,013.55	2.95%
2006	$5,396,902.23	2.95%
2007	$5,580,058.08	3.39%
2008	$5,772,700.87	3.45%
2009	$5,690,609.87	-1.42%
2010	$5,722,507.26	0.56%
2011	$5,880,106.49	2.75%
2012	$6,011,471.44	2.23%
2013	$6,088,189.74	1.28%
2014	$6,186,979.67	1.62%
2015	$6,196,466.60	0.15%
2016	$6,297,531.46	1.63%
2017	$6,453,242.98	2.47%
2018	$6,721,926.43	4.16%
2019	$6,917,715.39	2.91%
2020	$7,053,436.59	1.96%
2021	$7,407,163.60	5.01%
2022	$8,260,019.36	11.51%
2023	$8,688,141.34	5.18%
2024	$8,880,977.73	2.22%*

* 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:

Year	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
CPI	101.200	103.300	105.200	108.300	111.500	115.284	119.264	117.568	118.227	121.483	124.197	125.782	127.823	128.019	130.107	133.324	138.875	142.920	145.724	153.032	170.652	179.497	183.481

Adjust Phoenix prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2003 * 2003 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Phoenix, Arizona was 103.300 in the year 2003 and 183.481 in 2024:

183.481 / 103.300 * $5,000,000 = $8,880,977.73

Therefore, according to U.S. Bureau of Labor Statistics, $5,000,000 in 2003 has the same "purchasing power" as $8,880,977.73 in 2024 (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.