Physicians' services price inflation, 2020→2024

Physicians' Services Inflation Calculator

Prices for Physicians' Services, 2020-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for physicians' services are 6.89% higher in 2024 versus 2020 (a $1.38 difference in value).

Between 2020 and 2024: Physicians' services experienced an average inflation rate of 1.68% per year. In other words, physicians' services costing $20 in the year 2020 would cost $21.38 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.89% during this same period, inflation for physicians' services was significantly lower.

In the year 2020: Pricing changed by 1.74%, which is above the average yearly change for physicians' services during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for physicians' services was higher.

Price Inflation for Physicians' services since 1935

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

Years with the largest changes in pricing: 1975 (12.30%), 1976 (11.27%), and 1981 (11.01%).

View price changes for other categories
Admission to sporting events · Women's apparel · St Louis, Missouri · Bread · More

Buying power of $20.00 since 2020

Below are calculations of equivalent buying power for Physicians' services, over time, for $20 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	$20.00	1.74%
2021	$20.85	4.26%
2022	$21.13	1.33%
2023	$21.16	0.16%
2024	$21.38	1.02%*

* 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 Physicians' services:

Year	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	11.100	11.200	11.200	11.200	11.200	11.200	11.300	11.500	12.300	12.800	13.100	13.700	14.650	15.220	15.480	15.720	16.320	17.040	17.480	18.020	18.600	19.160	20.040	20.660	21.360	21.920	22.480	23.120	23.640	24.267	25.175	26.640	28.520	30.100	32.069	34.462	36.869	38.008	39.262	42.854	48.123	53.546	58.500	63.369	69.177	76.492	84.915	92.885	100.069	107.038	113.285	121.469	130.415	139.785	150.054	160.838	170.462	181.162	191.285	199.762	208.823	216.377	222.869	229.477	236.023	244.654	253.638	260.623	267.662	278.269	287.462	291.900	303.242	311.342	320.831	331.330	340.301	347.306	354.161	359.097	366.082	378.082	380.086	380.451	383.228	389.900	406.528	411.927	412.581	416.771

Adjust physicians' services 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 Physicians' services was 389.900 in the year 2020 and 416.771 in 2024:

416.771 / 389.900 * $20 = $21.38

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2020 has the same "purchasing power" as $21.38 in 2024 (in the CPI category of Physicians' services).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Physicians' services in 1935. In addition to physicians' services, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.