According to the U.S. Bureau of Labor Statistics, prices for services are 817.87% higher in 2024 versus 1974 (a $163.57 difference in value).
Between 1974 and 2024: Services experienced an average inflation rate of 4.53% per year. This rate of change indicates significant inflation. In other words, services costing $20 in the year 1974 would cost $183.57 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.77% during this same period, inflation for services was higher.
In the year 1974: Pricing changed by 9.37%, which is significantly above the average yearly change for services during the 1974-2024 time period. Compared to inflation for all items in 1974 (11.05%), inflation for services was lower.
Below are calculations of equivalent buying power for 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 | 9.37% |
| 1975 | $21.92 | 9.59% |
| 1976 | $23.72 | 8.23% |
| 1977 | $25.55 | 7.73% |
| 1978 | $27.74 | 8.55% |
| 1979 | $30.80 | 11.04% |
| 1980 | $35.54 | 15.40% |
| 1981 | $40.21 | 13.12% |
| 1982 | $43.84 | 9.04% |
| 1983 | $45.36 | 3.46% |
| 1984 | $47.74 | 5.26% |
| 1985 | $50.17 | 5.09% |
| 1986 | $52.67 | 4.98% |
| 1987 | $54.86 | 4.15% |
| 1988 | $57.36 | 4.56% |
| 1989 | $60.19 | 4.93% |
| 1990 | $63.53 | 5.54% |
| 1991 | $66.79 | 5.13% |
| 1992 | $69.40 | 3.91% |
| 1993 | $72.05 | 3.83% |
| 1994 | $74.45 | 3.32% |
| 1995 | $76.98 | 3.41% |
| 1996 | $79.47 | 3.23% |
| 1997 | $81.89 | 3.04% |
| 1998 | $84.08 | 2.67% |
| 1999 | $86.19 | 2.51% |
| 2000 | $89.15 | 3.43% |
| 2001 | $92.85 | 4.16% |
| 2002 | $95.77 | 3.14% |
| 2003 | $98.82 | 3.19% |
| 2004 | $101.70 | 2.91% |
| 2005 | $105.03 | 3.28% |
| 2006 | $109.03 | 3.81% |
| 2007 | $112.68 | 3.34% |
| 2008 | $116.62 | 3.50% |
| 2009 | $118.29 | 1.43% |
| 2010 | $119.26 | 0.82% |
| 2011 | $121.31 | 1.72% |
| 2012 | $123.87 | 2.11% |
| 2013 | $126.86 | 2.42% |
| 2014 | $130.15 | 2.59% |
| 2015 | $133.14 | 2.30% |
| 2016 | $136.91 | 2.83% |
| 2017 | $140.63 | 2.71% |
| 2018 | $144.52 | 2.77% |
| 2019 | $148.40 | 2.68% |
| 2020 | $151.54 | 2.11% |
| 2021 | $155.85 | 2.85% |
| 2022 | $165.51 | 6.20% |
| 2023 | $175.51 | 6.04% |
| 2024 | $183.57 | 4.60%* |
* 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 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 | 11.800 | 11.900 | 12.320 | 12.500 | 12.500 | 12.560 | 12.720 | 13.160 | 13.420 | 13.720 | 13.880 | 14.180 | 14.780 | 15.720 | 16.440 | 16.940 | 17.860 | 18.680 | 19.460 | 20.040 | 20.440 | 20.938 | 21.800 | 22.623 | 23.300 | 24.046 | 24.554 | 25.015 | 25.500 | 25.977 | 26.592 | 27.585 | 28.808 | 30.300 | 32.408 | 35.054 | 36.992 | 38.431 | 40.062 | 43.815 | 48.015 | 51.969 | 55.985 | 60.769 | 67.477 | 77.869 | 88.085 | 96.046 | 99.369 | 104.592 | 109.915 | 115.392 | 120.177 | 125.662 | 131.862 | 139.169 | 146.315 | 152.031 | 157.854 | 163.092 | 168.654 | 174.108 | 179.408 | 184.200 | 188.815 | 195.300 | 203.423 | 209.808 | 216.492 | 222.792 | 230.100 | 238.869 | 246.848 | 255.498 | 259.154 | 261.274 | 265.762 | 271.374 | 277.929 | 285.126 | 291.683 | 299.947 | 308.085 | 316.607 | 325.106 | 331.980 | 341.428 | 362.587 | 384.494 | 402.168 |