According to the U.S. Bureau of Labor Statistics, prices for tuition, other school fees, and childcare are 12.98% higher in 2022 versus 2016 (a $2.60 difference in value).
Between 2016 and 2022: Tuition, other school fees, and childcare experienced an average inflation rate of 2.05% per year. This rate of change indicates significant inflation. In other words, tuition, other school fees, and childcare costing $20 in the year 2016 would cost $22.60 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.01% during this same period, inflation for tuition, other school fees, and childcare was lower.
In the year 2016: Pricing changed by 2.80%, which is above the average yearly change for tuition, other school fees, and childcare during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation for tuition, other school fees, and childcare was higher.
Below are calculations of equivalent buying power for Tuition, other school fees, and childcare, 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|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Tuition, other school fees, and childcare: