According to the U.S. Bureau of Labor Statistics, prices for tools, hardware, outdoor equipment and supplies are 27.03% higher in 2023 versus 2016 (a $5.41 difference in value).
Between 2016 and 2023: Tools, hardware, outdoor equipment and supplies experienced an average inflation rate of 3.48% per year. This rate of change indicates significant inflation. In other words, tools, hardware, outdoor equipment and supplies costing $20 in the year 2016 would cost $25.41 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.30% during this same period, inflation for tools, hardware, outdoor equipment and supplies was higher.
In the year 2016: Pricing changed by -1.04%, which is significantly below the average yearly change for tools, hardware, outdoor equipment and supplies during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for tools, hardware, outdoor equipment and supplies was lower.
Below are calculations of equivalent buying power for Tools, hardware, outdoor equipment and supplies, over time, for $20 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|
* 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 Tools, hardware, outdoor equipment and supplies: