Professional services price inflation, 2023→2024

Professional Services Inflation Calculator

Prices for Professional Services, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for professional services are 2.10% higher in 2024 versus 2023 (a $0.42 difference in value).

Between 2023 and 2024: Professional services experienced an average inflation rate of 2.10% per year. This rate of change indicates significant inflation. In other words, professional services costing $20 in the year 2023 would cost $20.42 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.89% during this same period, inflation for professional services was lower.

In the year 2023: Pricing changed by 1.77%, which is below the average yearly change for professional services during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for professional services was lower.

Price Inflation for Professional services since 1967

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

Years with the largest changes in pricing: 1980 (11.09%), 1975 (10.96%), and 1981 (10.27%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Professional services, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	1.77%
2024	$20.42	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

Adjust professional services prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Professional services was 419.068 in the year 2023 and 427.873 in 2024:

427.873 / 419.068 * $20 = $20.42

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.42 in 2024 (in the CPI category of Professional services).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Professional services in 1967. In addition to professional services, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.