Bakery products price inflation, 2023→2024

Bakery Products Inflation Calculator

Prices for Bakery Products, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for bakery products are 0.85% higher in 2024 versus 2023 (a $0.17 difference in value).

Between 2023 and 2024: Bakery products experienced an average inflation rate of 0.85% per year. In other words, bakery products costing $20 in the year 2023 would cost $20.17 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for bakery products was lower.

In the year 2023: Pricing changed by 8.99%, which is significantly above the average yearly change for bakery products during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for bakery products was much higher.

Price Inflation for Bakery products since 1977

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

Years with the largest changes in pricing: 2022 (12.70%), 1980 (11.38%), and 1979 (10.65%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Bakery products, 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	8.99%
2024	$20.17	0.85%*

* 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 Bakery products:

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	64.700	67.992	75.231	83.792	91.838	96.146	99.654	104.185	108.169	111.062	115.062	121.769	131.515	139.215	144.723	150.408	155.677	161.869	167.354	176.069	181.138	185.415	189.431	194.108	201.315	206.123	211.654	216.238	220.523	226.362	236.633	261.026	268.906	267.956	277.950	286.583	291.489	292.532	296.603	296.866	296.830	299.298	304.810	312.064	319.920	360.548	392.958	396.317

Adjust bakery products 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 Bakery products was 392.958 in the year 2023 and 396.317 in 2024:

396.317 / 392.958 * $20 = $20.17

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.17 in 2024 (in the CPI category of Bakery products).

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