According to the U.S. Bureau of Labor Statistics, prices for smartphones are 51.02% lower in 2024 versus 2020 (a $10.20 difference in value).
Between 2020 and 2024: Smartphones experienced an average inflation rate of -16.34% per year. This rate of change indicates significant deflation. In other words, smartphones costing $20 in the year 2020 would cost $9.80 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.91% during this same period, inflation for smartphones was significantly lower.
In the year 2020: Pricing changed by -8.01%, which is significantly above the average yearly change for smartphones during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for smartphones was much lower.
Below are calculations of equivalent buying power for Smartphones, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2020 | $20.00 | -8.01% |
| 2021 | $16.29 | -18.53% |
| 2022 | $13.25 | -18.68% |
| 2023 | $10.83 | -18.26% |
| 2024 | $9.80 | -9.55%* |
* 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 Smartphones:
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| CPI | 100.000 | 91.988 | 74.939 | 60.943 | 49.818 | 45.058 |