Milk price history from 1997 through 2020

Milk Inflation Calculator

Prices for Milk, 1997-2020 ($5)

According to the U.S. Bureau of Labor Statistics, prices for milk were 46.45% higher in 2020 versus 1997 (a $2.32 difference in value).

Between 1997 and 2020: Milk experienced an average inflation rate of 1.67% per year. In other words, milk costing $5 in the year 1997 would cost $7.32 in 2020 for an equivalent purchase. Compared to the overall inflation rate of 2.09% during this same period, inflation for milk was lower.

Price Inflation for Milk since 1997

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 2009 (-13.15%), 2004 (12.05%), and 2007 (11.68%).

Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Milk:

Year	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
CPI	100.000	101.308	107.592	107.754	112.700	110.608	111.538	124.977	126.985	125.469	140.119	148.507	128.978	133.586	145.819	147.449	149.176	156.573	147.479	140.674	139.677	137.005	140.743	146.446

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Buying power of $5 since 1997

Below are calculations of equivalent buying power for Milk, over time, for $5 beginning in 1997. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1997	$5.00	-
1998	$5.07	1.31%
1999	$5.38	6.20%
2000	$5.39	0.15%
2001	$5.64	4.59%
2002	$5.53	-1.86%
2003	$5.58	0.84%
2004	$6.25	12.05%
2005	$6.35	1.61%
2006	$6.27	-1.19%
2007	$7.01	11.68%
2008	$7.43	5.99%
2009	$6.45	-13.15%
2010	$6.68	3.57%
2011	$7.29	9.16%
2012	$7.37	1.12%
2013	$7.46	1.17%
2014	$7.83	4.96%
2015	$7.37	-5.81%
2016	$7.03	-4.61%
2017	$6.98	-0.71%
2018	$6.85	-1.91%
2019	$7.04	2.73%
2020	$7.32	4.05%*

* Not final. See inflation summary for latest details.

How to calculate the inflation rate for milk, 1997-2020

Start with the inflation rate formula:

CPI in 2020 / CPI in 1997 * 1997 USD value = 2020 USD value

Then plug in historical CPI values from above. The CPI for Milk was 100.000 in the year 1997 and 146.446 in 2020:

146.446 / 100.000 * $5 = $7.32

Therefore, according to U.S. Bureau of Labor Statistics, $5 in 1997 has the same "purchasing power" as $7.32 in 2020 (in the CPI category of Milk).

Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Milk in 1997. In addition to milk, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.