Checking account and other bank services price inflation, 1997→2024

Checking Account And Other Bank Services Inflation Calculator

Prices for Checking Account And Other Bank Services, 1997-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 88.21% higher in 2024 versus 1997 (a $17.64 difference in value).

Between 1997 and 2024: Checking account and other bank services experienced an average inflation rate of 2.37% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 1997 would cost $37.64 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.51% during this same period, inflation for checking account and other bank services was lower.

Price Inflation for Checking account and other bank services since 1997

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

Years with the largest changes in pricing: 2018 (8.33%), 2012 (6.75%), and 2024 (5.56%).

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Buying power of $20.00 since 1997

Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 1997. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1997	$20.00	-
1998	$20.24	1.18%
1999	$20.87	3.15%
2000	$21.83	4.58%
2001	$22.73	4.14%
2002	$23.38	2.83%
2003	$23.84	1.97%
2004	$24.49	2.76%
2005	$24.77	1.12%
2006	$25.05	1.15%
2007	$25.55	1.97%
2008	$25.93	1.51%
2009	$24.66	-4.91%
2010	$25.52	3.48%
2011	$26.09	2.24%
2012	$27.85	6.75%
2013	$29.00	4.12%
2014	$29.50	1.73%
2015	$29.90	1.36%
2016	$30.79	2.97%
2017	$31.47	2.21%
2018	$34.09	8.33%
2019	$34.48	1.14%
2020	$34.55	0.20%
2021	$33.61	-2.71%
2022	$34.89	3.80%
2023	$35.66	2.21%
2024	$37.64	5.56%*

* 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 Checking account and other bank services:

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	101.177	104.362	109.138	113.662	116.877	119.177	122.462	123.831	125.254	127.727	129.650	123.287	127.584	130.442	139.248	144.985	147.486	149.496	153.937	157.345	170.447	172.384	172.735	168.057	174.439	178.293	188.210

Adjust checking account and other bank services prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1997 * 1997 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Checking account and other bank services was 100.000 in the year 1997 and 188.210 in 2024:

188.210 / 100.000 * $20 = $37.64

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1997 has the same "purchasing power" as $37.64 in 2024 (in the CPI category of Checking account and other bank services).

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