Phoenix, Arizona prices: $2,000,000 in 2015 → $2,866,465.13 in 2024

Inflation in Arizona

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Prices in Phoenix, 2015-2024 ($2,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Phoenix, Arizona are 43.32% higher in 2024 versus 2015 (a $866,465.13 difference in value).

Between 2015 and 2024: Phoenix experienced an average inflation rate of 4.08% per year. This rate of change indicates significant inflation. In other words, $2,000,000 in Phoenix in the year 2015 would cost $2,866,465.13 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.16% during this same period, inflation in Phoenix was higher.

In the year 2015: Pricing changed by 0.15%, which is significantly below the average yearly change in Phoenix during the 2015-2024 time period. Compared to inflation for all items in 2015 (0.12%), inflation in Phoenix was higher.

Price Inflation in Phoenix, Arizona since 2002

Consumer Price Index, U.S. Bureau of Labor Statistics
2005201020152020-1001020
Years with the largest changes in pricing: 2022 (11.51%), 2023 (5.18%), and 2021 (5.01%).
View price changes for other categories
Financial services · Juices and nonalcoholic drinks · Hospital services · Housing · More

Buying power of $2,000,000.00 since 2015

Below are calculations of equivalent buying power in Phoenix, over time, for $2,000,000 beginning in 2015. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2015$2,000,000.000.15%
2016$2,032,620.161.63%
2017$2,082,878.322.47%
2018$2,169,599.834.16%
2019$2,232,793.572.91%
2020$2,276,599.571.96%
2021$2,390,770.125.01%
2022$2,666,041.7611.51%
2023$2,804,224.375.18%
2024$2,866,465.132.22%*

* 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 Phoenix, Arizona:

Year20022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI101.200103.300105.200108.300111.500115.284119.264117.568118.227121.483124.197125.782127.823128.019130.107133.324138.875142.920145.724153.032170.652179.497183.481

Adjust Phoenix prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2015 * 2015 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Phoenix, Arizona was 128.019 in the year 2015 and 183.481 in 2024:

183.481 / 128.019 * $2,000,000 = $2,866,465.13

Therefore, according to U.S. Bureau of Labor Statistics, $2,000,000 in 2015 has the same "purchasing power" as $2,866,465.13 in 2024 (in the CPI category of Phoenix, Arizona).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Phoenix, Arizona in 2002. In addition to Phoenix, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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