Tuition, other school fees, and childcare price inflation, 2023→2024

Tuition, Other School Fees, And Childcare Inflation Calculator

Prices for Tuition, Other School Fees, And Childcare, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for tuition, other school fees, and childcare are 2.80% higher in 2024 versus 2023 (a $0.56 difference in value).

Between 2023 and 2024: Tuition, other school fees, and childcare experienced an average inflation rate of 2.80% per year. This rate of change indicates significant inflation. In other words, tuition, other school fees, and childcare costing $20 in the year 2023 would cost $20.56 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for tuition, other school fees, and childcare was lower.

In the year 2023: Pricing changed by 3.27%, which is above the average yearly change for tuition, other school fees, and childcare during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for tuition, other school fees, and childcare was lower.

Price Inflation for Tuition, other school fees, and childcare since 1977

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

Years with the largest changes in pricing: 1982 (13.24%), 1981 (12.25%), and 1983 (10.13%).

View price changes for other categories
Airline fares · Fish and seafood · Wireless telephone services · Admission to sporting events · More

Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Tuition, other school fees, and childcare, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	3.27%
2024	$20.56	2.80%*

* 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 Tuition, other school fees, and childcare:

Year	1977	1978	1979	1980	1981	1982	1983	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	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	57.800	59.792	64.692	71.223	79.946	90.531	99.700	109.769	119.708	129.608	139.962	151.038	162.700	175.715	191.385	208.469	225.300	239.823	253.831	267.123	280.377	294.238	308.385	323.969	341.092	362.108	386.654	414.292	440.862	468.062	494.079	522.098	548.971	573.174	597.208	620.979	643.681	664.780	688.814	708.115	724.655	741.262	762.749	777.716	788.712	810.078	836.543	860.000

Adjust tuition, other school fees, and childcare prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Tuition, other school fees, and childcare was 836.543 in the year 2023 and 860.000 in 2024:

860.000 / 836.543 * $20 = $20.56

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.56 in 2024 (in the CPI category of Tuition, other school fees, and childcare).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Tuition, other school fees, and childcare in 1977. In addition to tuition, other school fees, and childcare, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.