According to the U.S. Bureau of Labor Statistics, prices for other goods and services are 18.24% higher in 2022 versus 2016 (a $0.18 difference in value).
Between 2016 and 2022: Other goods and services experienced an average inflation rate of 2.83% per year. This rate of change indicates significant inflation. In other words, other goods and services costing $1 in the year 2016 would cost $1.18 in 2022 for an equivalent purchase. Compared to the overall inflation rate of 3.17% during this same period, inflation for other goods and services was lower.
In the year 2016: Pricing changed by 1.97%, which is below the average yearly change for other goods and services during the 2016-2022 time period. Compared to inflation for all items in 2016 (1.26%), inflation for other goods and services was higher.
Below are calculations of equivalent buying power for Other goods and services, over time, for $1 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:
|Year||USD Value||Inflation Rate|
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Other goods and services: