Tools, hardware, outdoor equipment and supplies price inflation, 2016→2023

Tools, Hardware, Outdoor Equipment And Supplies Inflation Calculator

Prices for Tools, Hardware, Outdoor Equipment And Supplies, 2016-2023 ($20)

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.

Price Inflation for Tools, hardware, outdoor equipment and supplies since 1997

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

Years with the largest changes in pricing: 2022 (10.86%), 2023 (7.82%), and 2021 (3.47%).

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Buying power of $20.00 since 2016

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
2016	$20.00	-1.04%
2017	$19.88	-0.62%
2018	$19.87	-0.05%
2019	$20.17	1.53%
2020	$20.54	1.84%
2021	$21.25	3.47%
2022	$23.56	10.86%
2023	$25.41	7.82%*

* 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:

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
CPI	100.000	100.338	99.038	97.008	96.662	95.738	94.008	93.485	94.362	94.585	94.569	93.454	94.170	91.618	91.628	91.982	92.034	91.276	91.081	90.130	89.576	89.531	90.899	92.569	95.782	106.188	114.495

Adjust tools, hardware, outdoor equipment and supplies prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Tools, hardware, outdoor equipment and supplies was 90.130 in the year 2016 and 114.495 in 2023:

114.495 / 90.130 * $20 = $25.41

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2016 has the same "purchasing power" as $25.41 in 2023 (in the CPI category of Tools, hardware, outdoor equipment and supplies).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Tools, hardware, outdoor equipment and supplies in 1997. In addition to tools, hardware, outdoor equipment and supplies, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.