Gasoline prices surge by nearly 50%, overall costs up 21.15% since 2020.

Let’s examine the inflation and price changes since 2020.

1. According to the U.S. Bureau of Labor Statistics, prices for all items have increased by 20.23% from 2020 to 2024. On average, this translates to an annual inflation rate of 4.71% during that period¹.
2. Specifically, here are some notable price increases:
   • Gasoline: From December 2020 to December 2021, gasoline prices rose nearly 50%.
   • Food: Food prices increased by 6.3% during the same period.
   • Rent: Rent prices went up by 3.3%.
   • Other Items: Prices for items other than food, shelter, and energy advanced by 6.4%.
3. If we consider the cumulative effect of inflation, the dollar’s purchasing power has decreased. Using an inflation calculator, we find that today’s prices are approximately 21.15% higher than average prices since 2020.

Significant inflation has affected various goods and services. It’s essential to stay informed about economic trends and consider these changes when managing personal finances.

U.S. Inflation Calculator: All items price inflation, 2020→2024 : BLS: Exploring price increases in 2021 and previous periods of inflation : Inflation Calculator: $1 in 2020 → 2024