Core inflation price inflation, 2023→2024

Core Inflation Inflation Calculator

Prices for Core Inflation, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for all items less food and energy are 3.12% higher in 2024 versus 2023 (a $0.62 difference in value).

Between 2023 and 2024: Core inflation experienced an average inflation rate of 3.12% per year. This rate of change indicates significant inflation. In other words, core inflation costing $20 in the year 2023 would cost $20.62 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for core inflation was higher.

In the year 2023: Pricing changed by 4.78%, which is above the average yearly change for core inflation during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for core inflation was higher.

Price Inflation for All items less food and energy since 1957

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

Years with the largest changes in pricing: 1980 (12.42%), 1981 (10.46%), and 1979 (9.74%).

View price changes for other categories
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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Core inflation, 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	4.78%
2024	$20.62	3.12%*

* 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 All items less food and energy:

Year	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	28.931	29.592	30.185	30.638	30.985	31.408	31.800	32.277	32.738	33.538	34.708	36.315	38.423	40.823	42.738	44.046	45.585	49.346	53.892	57.431	61.023	65.485	71.862	80.785	89.238	95.846	99.615	104.546	109.115	113.523	118.200	123.415	128.977	135.462	142.108	147.308	152.177	156.515	161.200	165.562	169.508	173.385	176.985	181.292	186.131	190.454	193.223	196.623	200.892	205.915	210.729	215.572	219.235	221.337	225.008	229.755	233.806	237.897	242.247	247.602	252.169	257.565	263.211	267.693	277.255	294.307	308.381	318.009

Adjust core inflation 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 All items less food and energy was 308.381 in the year 2023 and 318.009 in 2024:

318.009 / 308.381 * $20 = $20.62

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.62 in 2024 (in the CPI category of All items less food and energy).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for All items less food and energy in 1957. In addition to core inflation, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.