According to the U.S. Bureau of Labor Statistics, prices for checking account and other bank services are 21.70% higher in 2024 versus 2016 (a $4.34 difference in value).
Between 2016 and 2024: Checking account and other bank services experienced an average inflation rate of 2.48% per year. This rate of change indicates significant inflation. In other words, checking account and other bank services costing $20 in the year 2016 would cost $24.34 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.38% during this same period, inflation for checking account and other bank services was lower.
In the year 2016: Pricing changed by 2.97%, which is above the average yearly change for checking account and other bank services during the 2016-2024 time period. Compared to inflation for all items in 2016 (1.26%), inflation for checking account and other bank services was higher.
Below are calculations of equivalent buying power for Checking account and other bank services, over time, for $20 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 2016 | $20.00 | 2.97% |
| 2017 | $20.44 | 2.21% |
| 2018 | $22.15 | 8.33% |
| 2019 | $22.40 | 1.14% |
| 2020 | $22.44 | 0.20% |
| 2021 | $21.83 | -2.71% |
| 2022 | $22.66 | 3.80% |
| 2023 | $23.16 | 2.21% |
| 2024 | $24.34 | 5.07%* |
* 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 | 187.334 |