Energy commodities price inflation, 2023→2024

Energy Commodities Inflation Calculator

Prices for Energy Commodities, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for energy commodities are 3.11% lower in 2024 versus 2023 (a $0.62 difference in value).

Between 2023 and 2024: Energy commodities experienced an average inflation rate of -3.11% per year. This rate of change indicates significant deflation. In other words, energy commodities costing $20 in the year 2023 would cost $19.38 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for energy commodities was significantly lower.

In the year 2023: Pricing changed by -10.73%, which is significantly below the average yearly change for energy commodities during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for energy commodities was much lower.

Price Inflation for Energy commodities since 1957

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

Years with the largest changes in pricing: 1980 (38.52%), 1974 (38.51%), and 2021 (35.39%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Energy commodities, 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	-10.73%
2024	$19.38	-3.11%*

* 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 Energy commodities:

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	21.592	21.269	21.515	21.892	21.885	21.985	22.085	21.931	22.600	23.154	23.931	24.423	25.185	25.592	26.115	26.454	29.146	40.369	43.354	45.362	48.700	50.969	68.708	95.177	107.592	102.900	98.977	98.154	98.162	77.208	80.162	80.762	87.931	101.192	99.085	98.277	97.331	97.592	98.823	105.708	105.738	92.092	100.023	129.485	125.208	117.138	136.677	161.177	197.431	222.977	241.018	284.352	205.281	242.636	306.445	315.999	307.373	296.900	216.714	191.589	216.285	246.210	237.363	198.779	269.119	357.530	319.154	309.234

Adjust energy commodities 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 Energy commodities was 319.154 in the year 2023 and 309.234 in 2024:

309.234 / 319.154 * $20 = $19.38

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $19.38 in 2024 (in the CPI category of Energy commodities).

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