According to the U.S. Bureau of Labor Statistics, prices for telephone services are 4.26% lower in 2022 versus 2016 (a $2.13 difference in value).
Between 2016 and 2022: Phone service experienced an average inflation rate of -0.72% per year. In other words, phone service costing $50 in the year 2016 would cost $47.87 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.93% during this same period, inflation for phone service was significantly lower.
In the year 2016: Pricing changed by -0.47%, which is above the average yearly change for phone service during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation for phone service was lower.
Below are calculations of equivalent buying power for Phone service, over time, for $50 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Telephone services: