According to the U.S. Bureau of Labor Statistics, prices for smartphones are 8.89% lower in 2024 versus 2023 (a $1.78 difference in value).
Between 2023 and 2024: Smartphones experienced an average inflation rate of -8.89% per year. This rate of change indicates significant deflation. In other words, smartphones costing $20 in the year 2023 would cost $18.22 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for smartphones was significantly lower.
In the year 2023: Pricing changed by -18.26%, which is significantly below the average yearly change for smartphones during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for smartphones was much lower.
Below are calculations of equivalent buying power for Smartphones, 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 | -18.26% |
| 2024 | $18.22 | -8.89%* |
* 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 | 45.391 |