Tools, hardware and supplies price inflation, 2016→2024

Tools, Hardware And Supplies Inflation Calculator

Prices for Tools, Hardware And Supplies, 2016-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for tools, hardware and supplies are 22.89% higher in 2024 versus 2016 (a $4.58 difference in value).

Between 2016 and 2024: Tools, hardware and supplies experienced an average inflation rate of 2.61% per year. This rate of change indicates significant inflation. In other words, tools, hardware and supplies costing $20 in the year 2016 would cost $24.58 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.39% during this same period, inflation for tools, hardware and supplies was lower.

In the year 2016: Pricing changed by -1.76%, which is significantly below the average yearly change for tools, hardware and supplies during the 2016-2024 time period. Compared to inflation for all items in 2016 (1.26%), inflation for tools, hardware and supplies was much lower.

Price Inflation for Tools, hardware and supplies since 1997

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

Years with the largest changes in pricing: 2022 (10.74%), 2023 (6.42%), and 2021 (4.03%).

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Buying power of $20.00 since 2016

Below are calculations of equivalent buying power for Tools, hardware 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	-1.76%
2017	$19.91	-0.46%
2018	$20.04	0.68%
2019	$20.28	1.21%
2020	$20.41	0.64%
2021	$21.24	4.03%
2022	$23.52	10.74%
2023	$25.03	6.42%
2024	$24.58	-1.80%*

* 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 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	2024
CPI	100.000	98.538	96.685	97.308	96.731	95.523	93.285	94.777	98.085	99.438	99.711	98.953	99.244	96.527	98.087	99.609	100.681	100.211	100.072	98.315	97.861	98.522	99.710	100.351	104.400	115.617	123.034	120.815

Adjust tools, hardware and supplies prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2016 * 2016 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Tools, hardware and supplies was 98.315 in the year 2016 and 120.815 in 2024:

120.815 / 98.315 * $20 = $24.58

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2016 has the same "purchasing power" as $24.58 in 2024 (in the CPI category of Tools, hardware and supplies).

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