According to the U.S. Bureau of Labor Statistics, prices for professional services are 92.53% higher in 2024 versus 1998 (a $18.51 difference in value).
Between 1998 and 2024: Professional services experienced an average inflation rate of 2.55% per year. This rate of change indicates significant inflation. In other words, professional services costing $20 in the year 1998 would cost $38.51 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.55% during this same period, inflation for professional services was higher.
In the year 1998: Pricing changed by 3.17%, which is above the average yearly change for professional services during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for professional services was higher.
Below are calculations of equivalent buying power for Professional services, over time, for $20 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $20.00 | 3.17% |
| 1999 | $20.63 | 3.13% |
| 2000 | $21.39 | 3.70% |
| 2001 | $22.18 | 3.71% |
| 2002 | $22.85 | 3.00% |
| 2003 | $23.50 | 2.86% |
| 2004 | $24.43 | 3.95% |
| 2005 | $25.35 | 3.77% |
| 2006 | $26.04 | 2.71% |
| 2007 | $27.07 | 3.96% |
| 2008 | $27.99 | 3.38% |
| 2009 | $28.74 | 2.70% |
| 2010 | $29.53 | 2.76% |
| 2011 | $30.21 | 2.28% |
| 2012 | $30.78 | 1.89% |
| 2013 | $31.45 | 2.19% |
| 2014 | $31.96 | 1.63% |
| 2015 | $32.53 | 1.79% |
| 2016 | $33.44 | 2.78% |
| 2017 | $33.76 | 0.97% |
| 2018 | $34.05 | 0.86% |
| 2019 | $34.43 | 1.11% |
| 2020 | $35.09 | 1.91% |
| 2021 | $36.17 | 3.10% |
| 2022 | $37.06 | 2.45% |
| 2023 | $37.71 | 1.77% |
| 2024 | $38.51 | 2.10%* |
* 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 | 427.873 |