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Price Changes Since 2000

Price Changes Since 2000

February 06, 2024

Here's an interesting chart form the Bureau of Labor Statistics showing how prices in various categories have changed since the turn of the century (2000 to 2023). The overall inflation rate has been 82.4% or 3.6% per year annual increase. The categories with the largest increases above overall inflation of 3.6% per year are as follows:

Hospitals (10.6% per year);
Colleges (8.0% per year);
Nursing School (5.8%);
Medical / Doctor Care (5.7%); and
Childcare (5.8%).

On a positive note, hourly wages have exceeded overall inflation, growing 5.0% per year compared to 3.6% per year.
Housing and Food and Beverage have been only slightly higher than overall inflation at about 4.2% per year.

Categories that have helped keep overall average inflation lower include the following:

TV's (-4.3% per year);
Toys and Computers (-3.2%);
Cellphone Service (-1.8%);
Clothing (0%);
Household Furnishings & Operations (0.7%); and
New Cars (1.1%) - this one surprised me!

One lesson in these numbers is to plan carefully for future medical and education expenses. Assume they will be significantly higher than average inflation in the years to come. And don't worry too much about future costs of some basic tech items, housing upkeep and new cars.

Feel free to contact us if you'd like help planning your financial futures.