According to the U.S. Bureau of Labor Statistics, prices for professional services are 832.57% higher in 2024 versus 1974 (a $166.51 difference in value).
Between 1974 and 2024: Professional services experienced an average inflation rate of 4.57% per year. This rate of change indicates significant inflation. In other words, professional services costing $20 in the year 1974 would cost $186.51 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.77% during this same period, inflation for professional services was higher.
In the year 1974: Pricing changed by 8.65%, which is significantly above the average yearly change for professional services during the 1974-2024 time period. Compared to inflation for all items in 1974 (11.05%), inflation for professional services was lower.
Below are calculations of equivalent buying power for Professional services, over time, for $20 beginning in 1974. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1974 | $20.00 | 8.65% |
| 1975 | $22.19 | 10.96% |
| 1976 | $24.21 | 9.08% |
| 1977 | $26.18 | 8.16% |
| 1978 | $28.18 | 7.62% |
| 1979 | $30.61 | 8.63% |
| 1980 | $34.00 | 11.09% |
| 1981 | $37.49 | 10.27% |
| 1982 | $40.68 | 8.49% |
| 1983 | $43.59 | 7.15% |
| 1984 | $46.69 | 7.13% |
| 1985 | $49.57 | 6.16% |
| 1986 | $52.75 | 6.41% |
| 1987 | $56.24 | 6.63% |
| 1988 | $60.03 | 6.74% |
| 1989 | $63.90 | 6.44% |
| 1990 | $68.14 | 6.63% |
| 1991 | $72.34 | 6.17% |
| 1992 | $76.73 | 6.06% |
| 1993 | $80.61 | 5.05% |
| 1994 | $84.05 | 4.27% |
| 1995 | $87.73 | 4.37% |
| 1996 | $90.94 | 3.66% |
| 1997 | $94.04 | 3.41% |
| 1998 | $97.01 | 3.17% |
| 1999 | $100.05 | 3.13% |
| 2000 | $103.75 | 3.70% |
| 2001 | $107.60 | 3.71% |
| 2002 | $110.83 | 3.00% |
| 2003 | $114.01 | 2.86% |
| 2004 | $118.51 | 3.95% |
| 2005 | $122.97 | 3.77% |
| 2006 | $126.30 | 2.71% |
| 2007 | $131.31 | 3.96% |
| 2008 | $135.75 | 3.38% |
| 2009 | $139.42 | 2.70% |
| 2010 | $143.26 | 2.76% |
| 2011 | $146.53 | 2.28% |
| 2012 | $149.29 | 1.89% |
| 2013 | $152.56 | 2.19% |
| 2014 | $155.04 | 1.63% |
| 2015 | $157.81 | 1.79% |
| 2016 | $162.19 | 2.78% |
| 2017 | $163.76 | 0.97% |
| 2018 | $165.17 | 0.86% |
| 2019 | $167.00 | 1.11% |
| 2020 | $170.19 | 1.91% |
| 2021 | $175.46 | 3.10% |
| 2022 | $179.76 | 2.45% |
| 2023 | $182.94 | 1.77% |
| 2024 | $186.51 | 1.95%* |
* 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 Professional services:
| Year | 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 | 30.908 | 32.523 | 34.723 | 37.000 | 39.415 | 40.815 | 42.169 | 45.815 | 50.838 | 55.454 | 59.977 | 64.546 | 70.115 | 77.892 | 85.892 | 93.185 | 99.846 | 106.962 | 113.554 | 120.831 | 128.838 | 137.523 | 146.385 | 156.092 | 165.723 | 175.769 | 184.654 | 192.538 | 200.962 | 208.315 | 215.415 | 222.238 | 229.200 | 237.669 | 246.492 | 253.892 | 261.162 | 271.477 | 281.700 | 289.331 | 300.792 | 310.968 | 319.372 | 328.186 | 335.666 | 341.994 | 349.468 | 355.153 | 361.514 | 371.546 | 375.138 | 378.359 | 382.563 | 389.869 | 401.939 | 411.798 | 419.068 | 427.260 |