Services price inflation, 2023→2024

Services Inflation Calculator

Prices for Services, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for services are 4.60% higher in 2024 versus 2023 (a $0.92 difference in value).

Between 2023 and 2024: Services experienced an average inflation rate of 4.60% per year. This rate of change indicates significant inflation. In other words, services costing $20 in the year 2023 would cost $20.92 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for services was higher.

In the year 2023: Pricing changed by 6.04%, which is above the average yearly change for services during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for services was higher.

Price Inflation for Services since 1935

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

Years with the largest changes in pricing: 1980 (15.40%), 1981 (13.12%), and 1979 (11.04%).

View price changes for other categories
Fish and seafood · Dental services · Boston, Massachusetts · Hospital services · More

Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for 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	6.04%
2024	$20.92	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

Adjust 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 Services was 384.494 in the year 2023 and 402.168 in 2024:

402.168 / 384.494 * $20 = $20.92

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.92 in 2024 (in the CPI category of Services).

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