Milk priced at $5 in 1997 → $8.47 in 2022

Milk Inflation Calculator

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Prices for Milk, 1997-2022 ($5)

According to the U.S. Bureau of Labor Statistics, prices for milk are 69.31% higher in 2022 versus 1997 (a $3.47 difference in value).

The current national average price is $4.19 for "Milk, fresh, low-fat, reduced fat, skim, per gal. (3.8 lit) in West, average price, not seasonally adjusted". This data is collected by a national survey and can vary from region to region.

Between 1997 and 2022: Milk experienced an average inflation rate of 2.13% per year. This rate of change indicates significant inflation. In other words, milk costing $5 in the year 1997 would cost $8.47 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 2.35% 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%).

Price history

The average price for Milk is calculated from a weighted average of retailer data collected by the Bureau of Labor Statistics. Inflation rate is also calculated by the Bureau of Labor Statistics. The table below shows average prices and their corresponding "real" prices adjusted for inflation rate. To understand how price levels differ from inflation rates, see this article published by the BLS.

Average prices for Milk, fresh, low-fat, reduced fat, skim, per gal. (3.8 lit) in West, average price, not seasonally adjusted:

Year Average price (Milk) Inflation adjusted price (2022 dollars)
2022 $4.19 (latest available value) $4.19
2021 $3.21 $3.53
2020 $2.96 $3.38
2019 $2.58 $3.11
2018 $2.45 $3.03
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Buying power of $5.00 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 $7.43 5.52%
2021 $7.68 3.44%
2022 $8.47 10.22%*
* Not final. See inflation summary for latest details.

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 2021 2022
CPI 100.000 101.308 107.592 107.754 112.700 110.608 111.538 124.977 126.985 125.469 140.119 148.507 128.978 133.586 145.819 147.449 149.176 156.573 147.479 140.674 139.677 137.005 140.743 148.507 153.618 169.312

Adjust milk prices for inflation

Start with the inflation rate formula:

CPI in 2022 / CPI in 1997 * 1997 USD value = 2022 USD value

Then plug in historical CPI values from above. The CPI for Milk was 100.000 in the year 1997 and 169.312 in 2022:

169.312 / 100.000 * $5 = $8.47

Therefore, according to U.S. Bureau of Labor Statistics, $5 in 1997 has the same "purchasing power" as $8.47 in 2022 (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.

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