According to the U.S. Bureau of Labor Statistics, prices for food and beverages are 11.94% higher in 2022 versus 2020 (a $143,266.80 difference in value).
Between 2020 and 2022: Food and beverages experienced an average inflation rate of 5.80% per year. This rate of change indicates significant inflation. In other words, food and beverages costing $1,200,000 in the year 2020 would cost $1,343,266.80 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 5.91% during this same period, inflation for food and beverages was lower.
In the year 2020: Pricing changed by 3.34%, which is below the average yearly change for food and beverages during the 2020-2022 time period. Compared to inflation for all items in 2020 (1.23%), inflation for food and beverages was higher.
Below are calculations of equivalent buying power for Food and beverages, over time, for $1,200,000 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
* 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 Food and beverages: