Energy services price inflation, 2023→2024

Energy Services Inflation Calculator

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

According to the U.S. Bureau of Labor Statistics, prices for energy services are 2.82% higher in 2024 versus 2023 (a $0.56 difference in value).

Between 2023 and 2024: Energy services experienced an average inflation rate of 2.82% per year. This rate of change indicates significant inflation. In other words, energy services costing $20 in the year 2023 would cost $20.56 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation for energy services was higher.

In the year 2023: Pricing changed by 2.55%, which is below the average yearly change for energy services during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for energy services was lower.

Price Inflation for Energy services since 1935

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

Years with the largest changes in pricing: 1980 (17.07%), 1975 (16.37%), and 2022 (16.09%).

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Buying power of $20.00 since 2023

Below are calculations of equivalent buying power for Energy services, 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	2.55%
2024	$20.56	2.82%*

* 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 services:

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	20.400	19.983	19.620	19.620	19.600	19.440	19.269	19.185	19.077	19.015	18.869	18.323	18.269	18.708	19.208	19.208	19.300	19.531	19.938	20.185	20.692	20.931	21.131	21.892	22.438	23.338	23.515	23.515	23.508	23.523	23.485	23.577	23.669	23.877	24.323	25.385	27.146	28.515	29.908	34.492	40.138	44.715	50.492	55.031	61.008	71.423	81.854	93.192	101.454	105.354	107.115	105.715	103.831	104.631	107.538	109.331	112.600	114.785	118.500	119.231	119.177	122.062	125.062	121.238	120.854	128.031	142.408	134.408	145.031	150.623	166.523	182.108	186.262	202.212	193.563	192.886	194.386	189.679	194.810	203.374	198.708	196.059	202.691	203.815	203.454	204.508	218.863	254.085	260.571	267.926

Adjust energy services 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 services was 260.571 in the year 2023 and 267.926 in 2024:

267.926 / 260.571 * $20 = $20.56

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.56 in 2024 (in the CPI category of Energy services).

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