Fuels and utilities price inflation, 2020→2024

Fuels And Utilities Inflation Calculator

Prices for Fuels And Utilities, 2020-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for fuels and utilities are 28.94% higher in 2024 versus 2020 (a $5.79 difference in value).

Between 2020 and 2024: Fuels and utilities experienced an average inflation rate of 6.56% per year. This rate of change indicates significant inflation. In other words, fuels and utilities costing $20 in the year 2020 would cost $25.79 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.91% during this same period, inflation for fuels and utilities was higher.

In the year 2020: Pricing changed by 0.56%, which is significantly below the average yearly change for fuels and utilities during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for fuels and utilities was lower.

Price Inflation for Fuels and utilities since 1952

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

Years with the largest changes in pricing: 1974 (18.34%), 1980 (16.43%), and 1981 (14.60%).

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Buying power of $20.00 since 2020

Below are calculations of equivalent buying power for Fuels and utilities, over time, for $20 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2020	$20.00	0.56%
2021	$21.36	6.80%
2022	$24.45	14.46%
2023	$25.04	2.44%
2024	$25.79	2.97%*

* 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 Fuels and utilities:

Year	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962	1963	1964	1965	1966	1967	1968	1969	1970	1971	1972	1973	1974	1975	1976	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	22.200	22.477	22.585	23.062	23.623	24.323	24.815	25.369	25.946	26.262	26.331	26.562	26.638	26.631	26.738	27.062	27.415	28.046	29.131	31.115	32.485	34.346	40.646	45.415	49.438	54.723	58.454	64.754	75.392	86.400	94.931	100.223	104.838	106.531	104.115	103.031	104.438	107.769	111.615	115.262	117.800	121.315	122.785	123.654	127.508	130.754	128.462	128.800	137.892	150.169	143.562	154.538	161.892	179.038	194.700	200.632	220.018	210.696	214.187	220.367	218.986	225.207	234.589	230.129	228.855	237.315	241.554	242.598	243.949	260.540	298.208	305.478	314.549

Adjust fuels and utilities prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Fuels and utilities was 243.949 in the year 2020 and 314.549 in 2024:

314.549 / 243.949 * $20 = $25.79

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2020 has the same "purchasing power" as $25.79 in 2024 (in the CPI category of Fuels and utilities).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Fuels and utilities in 1952. In addition to fuels and utilities, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.