$1 in 2024 is worth $0.82 in 2020

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Value of $1 from 2024 to 2020

$1 in 2024 is equivalent in purchasing power to about $0.82 today, an increase of $-0.18 over 4 years. The dollar had an average inflation rate of 5.09% per year between 2020 and today, producing a cumulative price increase of -18.01%.

This means that today's prices are 18.01% lower than average prices since 2024, according to the Bureau of Labor Statistics consumer price index. A dollar today only buys 121.951% of what it could buy back then.

The inflation rate in 2020 was 1.23%. The current inflation rate compared to the end of last year is now 2.60%. If this number holds, $1 today will be equivalent in buying power to $1.03 next year. The current inflation rate page gives more detail on the latest inflation rates.


Inflation from 2024 to 2020
Cumulative price change-18.01%
Average inflation rate5.09%
Converted amount
$1 base
$0.82
Price difference
$1 base
$-0.18
CPI in 2024315.664
CPI in 2020258.812
Inflation in 20201.23%
Inflation in 20242.60%
$1 in 2024$0.82 in 2020

USD inflation since 2020
Annual Rate, the Bureau of Labor Statistics CPI
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Buying power of $1 in 2020

This chart shows a calculation of buying power equivalence for $1 in 2020 (price index tracking began in 1635).

For example, if you started with $1, you would need to end with $0.82 in order to "adjust" for inflation (sometimes refered to as "beating inflation").

When $1 is equivalent to $0.82 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.

This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 2020 dollars, the chart below shows how $1 is worth less over 4 years.

According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time:

Dollar inflation: 2020-2024
YearDollar ValueInflation Rate
2020$1.001.23%
2021$1.054.70%
2022$1.138.00%
2023$1.184.12%
2024$1.223.60%*
* Compared to previous annual rate. Not final. See inflation summary for latest 12-month trailing value.

This conversion table shows various other 2020 amounts in today's dollars, based on the -18.01% change in prices:

Conversion: 2020 dollars today
Initial valueEquivalent value
$1 dollar in 2020$1.22 dollars today
$5 dollars in 2020$6.10 dollars today
$10 dollars in 2020$12.20 dollars today
$50 dollars in 2020$60.98 dollars today
$100 dollars in 2020$121.97 dollars today
$500 dollars in 2020$609.83 dollars today
$1,000 dollars in 2020$1,219.67 dollars today
$5,000 dollars in 2020$6,098.33 dollars today
$10,000 dollars in 2020$12,196.67 dollars today
$50,000 dollars in 2020$60,983.34 dollars today
$100,000 dollars in 2020$121,966.68 dollars today
$500,000 dollars in 2020$609,833.41 dollars today
$1,000,000 dollars in 2020$1,219,666.81 dollars today

Inflation by Country

Inflation can also vary widely by country. For comparison, in the UK £1.00 in 2024 would be equivalent to £0.81 in 2020, an absolute change of £-0.19 and a cumulative change of -18.72%.

In Canada, CA$1.00 in 2024 would be equivalent to CA$0.86 in 2020, an absolute change of CA$-0.14 and a cumulative change of -13.75%.

Compare these numbers to the US's overall absolute change of $-0.18 and total percent change of -18.01%.


Inflation by Spending Category

CPI is the weighted combination of many categories of spending that are tracked by the government. Breaking down these categories helps explain the main drivers behind price changes.

Between 2020 and 2024:

This chart shows the average rate of inflation for select CPI categories between 2024 and 2020.

Compare these values to the overall average of 5.09% per year:

CategoryAvg Inflation (%)Total Inflation (%)$1 in 2020 → 2024
Food and beverages5.2422.681.23
Housing5.2322.641.23
Apparel2.8411.871.12
Transportation7.7334.711.35
Medical care2.058.471.08
Recreation3.1012.991.13
Education and communication1.024.151.04
Other goods and services4.8020.641.21

The graph below compares inflation in categories of goods over time. Click on a category such as "Food" to toggle it on or off:

For all these visualizations, it's important to note that not all categories may have been tracked since 2024. This table and charts use the earliest available data for each category.



How to calculate inflation rate for $1, 2020 to 2024

Our calculations use the following inflation rate formula to calculate the change in value between 2020 and today:

CPI in 2020 CPI today
×
2024 USD value
=
Today's value

Then plug in historical CPI values. The U.S. CPI was 315.664 in the year 2024 and 258.81166666667 in 2020:

258.81166666667315.664
×
$1
=
$0.82

$1 in 2024 has the same "purchasing power" or "buying power" as $0.82 in 2020.

To get the total inflation rate for the 4 years between 2020 and 2024, we use the following formula:

CPI in 2020 - CPI in 2024CPI in 2024
×
100
=
Cumulative inflation rate (4 years)

Plugging in the values to this equation, we get:

258.81166666667 - 315.664315.664
×
100
=
-18%

Alternate Measurements of Inflation

There are multiple ways to measure inflation. Published rates of inflation will vary depending on methodology. The Consumer Price Index, used above, is the most common standard used globally.

Alternative measurements are sometimes used based on context and economic/political circumstances. Below are a few examples of alternative measurements.

Personal Consumption Expenditures (PCE) Inflation

The PCE Price Index is the U.S. Federal Reserve's preferred measure of inflation, compiled by the Bureau of Economic Analysis. It measures the change in prices of goods and services purchased by consumers.

The PCE Price Index changed by 4.16% per year on average between 2024 and 2020. The total PCE inflation between these dates was 17.71%. In 2024, PCE inflation was 1.09%.

This means that the PCE Index equates $1 in 2024 with $1.18 in 2020, a difference of $0.18. Compare this to the standard CPI measurement, which equates $1 with $0.82. The PCE measured 35.72% inflation compared to standard CPI.

For more information on the difference between PCE and CPI, see this analysis provided by the Bureau of Labor Statistics.

Core Inflation

Also of note is the Core CPI, which uses the standard CPI but omits the more volatile categories of food and energy.

Core inflation averaged 4.43% per year between 2024 and 2020 (vs all-CPI inflation of 5.09%), for an inflation total of 18.94%. In 2024, core inflation was 1.70%.

When using the core inflation measurement, $1 in 2024 is equivalent in buying power to $1.19 in 2020, a difference of $0.19. Recall that the converted amount is $0.82 when all items including food and energy are measured.

Chained Inflation

Chained CPI is an alternative measurement that takes into account how consumers adjust spending for similar items. Chained inflation averaged 4.63% per year between 2024 and 2020, a total inflation amount of 19.85%.

According to the Chained CPI measurement, $1 in 2024 is equal in buying power to $1.20 in 2020, a difference of $0.20 (versus a converted amount of $0.82/change of $-0.18 for All Items).

In 2024, chained inflation was 1.07%.


Data source & citation

Raw data for these calculations comes from the Bureau of Labor Statistics' (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.

You may use the following MLA citation for this page: “$1 in 2024 → 2020 | Inflation Calculator.” Official Inflation Data, Alioth Finance, 17 Nov. 2024, https://www.officialdata.org/us/inflation/2024?amount=1&endYear=2020.

Special thanks to QuickChart for their chart image API, which is used for chart downloads.

in2013dollars.com is a reference website maintained by the Official Data Foundation.


Ian Webster

About the author

Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.

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Inflation from 2024 to 2020
Cumulative price change-18.01%
Average inflation rate5.09%
Converted amount
$1 base
$0.82
Price difference
$1 base
$-0.18
CPI in 2024315.664
CPI in 2020258.812
Inflation in 20201.23%
Inflation in 20242.60%
$1 in 2024$0.82 in 2020