According to the U.S. Bureau of Labor Statistics, prices for fats and oils are 116.24% higher in 2024 versus 1998 (a $23.25 difference in value).
Between 1998 and 2024: Fats and oils experienced an average inflation rate of 3.01% per year. This rate of change indicates significant inflation. In other words, fats and oils costing $20 in the year 1998 would cost $43.25 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.54% during this same period, inflation for fats and oils was higher.
In the year 1998: Pricing changed by 3.66%, which is above the average yearly change for fats and oils during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), inflation for fats and oils was higher.
Below are calculations of equivalent buying power for Fats and oils, over time, for $20 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $20.00 | 3.66% |
| 1999 | $20.18 | 0.92% |
| 2000 | $20.07 | -0.57% |
| 2001 | $21.20 | 5.62% |
| 2002 | $21.16 | -0.17% |
| 2003 | $21.43 | 1.25% |
| 2004 | $22.84 | 6.62% |
| 2005 | $22.83 | -0.04% |
| 2006 | $22.87 | 0.16% |
| 2007 | $23.54 | 2.93% |
| 2008 | $26.79 | 13.78% |
| 2009 | $27.39 | 2.27% |
| 2010 | $27.31 | -0.32% |
| 2011 | $29.84 | 9.26% |
| 2012 | $31.66 | 6.12% |
| 2013 | $31.22 | -1.40% |
| 2014 | $31.27 | 0.15% |
| 2015 | $30.94 | -1.03% |
| 2016 | $30.76 | -0.59% |
| 2017 | $31.00 | 0.78% |
| 2018 | $31.04 | 0.14% |
| 2019 | $30.82 | -0.71% |
| 2020 | $31.24 | 1.34% |
| 2021 | $32.68 | 4.62% |
| 2022 | $38.74 | 18.53% |
| 2023 | $42.21 | 8.98% |
| 2024 | $43.25 | 2.45%* |
* 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 Fats and oils:
| Year | 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 | 37.008 | 36.685 | 36.838 | 39.154 | 42.700 | 43.154 | 46.762 | 66.385 | 73.515 | 64.285 | 70.831 | 77.554 | 83.746 | 89.269 | 98.854 | 96.069 | 97.377 | 106.562 | 108.946 | 106.492 | 108.069 | 113.115 | 121.177 | 126.331 | 131.731 | 129.838 | 129.992 | 133.531 | 137.269 | 140.515 | 141.715 | 146.908 | 148.262 | 147.415 | 155.700 | 155.438 | 157.377 | 167.792 | 167.723 | 167.992 | 172.921 | 196.751 | 201.224 | 200.587 | 219.163 | 232.579 | 229.316 | 229.658 | 227.293 | 225.947 | 227.715 | 228.035 | 226.419 | 229.455 | 240.055 | 284.530 | 310.076 | 317.676 |