Commodities less food price inflation, 2023→2024

Commodities Less Food Inflation Calculator

Prices for Commodities Less Food, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for commodities less food are 1.12% lower in 2024 versus 2023 (a $0.22 difference in value).

Between 2023 and 2024: Commodities less food experienced an average inflation rate of -1.12% per year. In other words, commodities less food costing $20 in the year 2023 would cost $19.78 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for commodities less food was significantly lower.

In the year 2023: Pricing changed by -1.26%, which is below the average yearly change for commodities less food during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for commodities less food was much lower.

Price Inflation for Commodities less food since 1935

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

Years with the largest changes in pricing: 1980 (13.81%), 1947 (12.59%), and 1979 (11.64%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Commodities less food, 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	-1.26%
2024	$19.78	-1.12%*

* 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 Commodities less food:

Year	1935	1936	1937	1938	1939	1940	1941	1942	1943	1944	1945	1946	1947	1948	1949	1950	1951	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	17.775	17.967	18.780	18.680	18.440	18.560	19.600	21.740	22.680	23.860	24.820	26.520	29.860	32.020	31.380	31.540	33.940	34.060	34.160	33.780	33.560	33.923	34.938	35.323	35.785	35.985	36.077	36.346	36.592	36.923	37.154	37.662	38.600	40.015	41.723	43.446	45.085	46.108	47.700	52.731	57.569	60.469	63.746	67.462	75.315	85.715	93.123	96.877	100.015	103.115	105.238	101.723	104.331	107.677	111.969	117.431	121.285	124.162	126.262	127.869	129.815	132.577	133.438	131.954	134.000	139.177	138.862	136.031	136.462	138.800	144.477	147.954	149.720	155.310	147.071	152.990	162.409	165.264	164.129	162.323	152.217	148.608	150.505	153.646	152.898	149.298	164.441	183.284	180.980	178.957

Adjust commodities less food 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 Commodities less food was 180.980 in the year 2023 and 178.957 in 2024:

178.957 / 180.980 * $20 = $19.78

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $19.78 in 2024 (in the CPI category of Commodities less food).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Commodities less food in 1935. In addition to commodities less food, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.