Phoenix price inflation, 2005→2023

Inflation in Arizona

Prices in Phoenix, 2005-2023 ($677)

According to the U.S. Bureau of Labor Statistics, prices in Phoenix, Arizona are 65.74% higher in 2023 versus 2005 (a $445.06 difference in value).

Between 2005 and 2023: Phoenix experienced an average inflation rate of 2.85% per year. This rate of change indicates significant inflation. In other words, $677 in Phoenix in the year 2005 would cost $1,122.06 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.50% during this same period, inflation in Phoenix was higher.

In the year 2005: Pricing changed by 2.95%, which is above the average yearly change in Phoenix during the 2005-2023 time period. Compared to inflation for all items in 2005 (3.39%), 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 $677.00 since 2005

Below are calculations of equivalent buying power in Phoenix, over time, for $677 beginning in 2005. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2005	$677.00	2.95%
2006	$697.00	2.95%
2007	$720.66	3.39%
2008	$745.54	3.45%
2009	$734.94	-1.42%
2010	$739.06	0.56%
2011	$759.41	2.75%
2012	$776.37	2.23%
2013	$786.28	1.28%
2014	$799.04	1.62%
2015	$800.27	0.15%
2016	$813.32	1.63%
2017	$833.43	2.47%
2018	$868.13	4.16%
2019	$893.41	2.91%
2020	$910.94	1.96%
2021	$956.63	5.01%
2022	$1,066.77	11.51%
2023	$1,122.06	5.18%*

* 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:

Year	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
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

Adjust Phoenix prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2005 * 2005 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Phoenix, Arizona was 108.300 in the year 2005 and 179.497 in 2023:

179.497 / 108.300 * $677 = $1,122.06

Therefore, according to U.S. Bureau of Labor Statistics, $677 in 2005 has the same "purchasing power" as $1,122.06 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.