State motor vehicle registration and license fees price inflation, 2020→2024

State Motor Vehicle Registration And License Fees Inflation Calculator

Prices for State Motor Vehicle Registration And License Fees, 2020-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for state motor vehicle registration and license fees are 6.73% higher in 2024 versus 2020 (a $1.35 difference in value).

Between 2020 and 2024: State motor vehicle registration and license fees experienced an average inflation rate of 1.64% per year. In other words, state motor vehicle registration and license fees costing $20 in the year 2020 would cost $21.35 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.91% during this same period, inflation for state motor vehicle registration and license fees was significantly lower.

In the year 2020: Pricing changed by 2.35%, which is above the average yearly change for state motor vehicle registration and license fees during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for state motor vehicle registration and license fees was higher.

Price Inflation for State motor vehicle registration and license fees since 1997

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

Years with the largest changes in pricing: 2004 (16.51%), 2010 (8.44%), and 2009 (7.16%).

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Buying power of $20.00 since 2020

Below are calculations of equivalent buying power for State motor vehicle registration and license fees, 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	2.35%
2021	$20.13	0.65%
2022	$20.43	1.47%
2023	$20.97	2.68%
2024	$21.35	1.77%*

* 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 State motor vehicle registration and license fees:

Year	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	100.000	101.085	101.792	105.069	105.615	108.454	112.723	131.331	133.185	137.323	138.785	141.931	152.088	164.926	165.856	166.691	167.819	168.286	169.527	173.000	175.848	178.376	180.804	185.058	186.268	189.011	194.071	197.508

Adjust state motor vehicle registration and license fees prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for State motor vehicle registration and license fees was 185.058 in the year 2020 and 197.508 in 2024:

197.508 / 185.058 * $20 = $21.35

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2020 has the same "purchasing power" as $21.35 in 2024 (in the CPI category of State motor vehicle registration and license fees).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for State motor vehicle registration and license fees in 1997. In addition to state motor vehicle registration and license fees, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.