Prediction: Value of $1 from 2020 to 2024
$1 in 2020 is equivalent in purchasing power to about $1.22 in 2024, an increase of $0.22 over 4 years. The dollar had an average inflation rate of 5.14% per year between 2020 and 2024, producing a cumulative price increase of 22.20%. The buying power of $1 in 2020 is predicted to be equivalent to $1.22 in 2024.
This calculation is based on future inflation assumption of 3.00% per year. Use the calculator on the left to change this prediction. Or, use the annual inflation rate calculator to view inflation in the past.
| Cumulative price change | 22.20% |
| Average inflation rate | 5.14% |
| Converted amount $1 base | $1.22 |
| Price difference $1 base | $0.22 |
| CPI in 2020 | 258.812 |
| Inflation in 2020 | 1.23% |
| $1 in 2020 | $1.22 in 2024 |
USD inflation since 2020
Annual Rate, the Bureau of Labor Statistics CPI
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Buying power of $1 in 2024
This chart shows a calculation of buying power equivalence for $1 in 2020 (price index tracking began in 1635).
For example, if you started with $1, you would need to end with $1.22 in order to "adjust" for inflation (sometimes refered to as "beating inflation").
Future inflation is estimated at 3.00%.
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When $1 is equivalent to $1.22 over time, that means that the "real value" of a single U.S. dollar decreases over time. In other words, a dollar will pay for fewer items at the store.
This effect explains how inflation erodes the value of a dollar over time. By calculating the value in 2020 dollars, the chart below shows how $1 is worth less over 4 years.
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This table shows the results of the inflation prediction, with base values from the Bureau of Labor Statistics:
| Year | Dollar Value | Inflation Rate |
|---|---|---|
| 2020 | $1.00 | 1.23% |
| 2021 | $1.05 | 4.70% |
| 2022 | $1.13 | 8.00% |
| 2023 | $1.19 | 4.92% |
| 2024 | $1.22 | 3.00% |
Inflation rates of specific categories
Medical Care · Housing · Rent · Food · More
Inflation-adjusted measures
Data source & citation
Raw data for these calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), established in 1913. Price index data from 1774 to 1912 is sourced from a historical study conducted by political science professor Robert Sahr at Oregon State University and from the American Antiquarian Society. Price index data from 1634 to 1773 is from the American Antiquarian Society, using British pound equivalents.
You may use the following MLA citation for this page: “2024 Inflation Prediction | Future Inflation Calculator.” Official Inflation Data, Alioth Finance, 12 Dec. 2023, https://www.officialdata.org/us/inflation/2020?endYear=2024&amount=1&future_pct=0.03.
Special thanks to QuickChart for their chart image API, which is used for chart downloads.
About the author
Ian Webster is an engineer and data expert based in San Mateo, California. He has worked for Google, NASA, and consulted for governments around the world on data pipelines and data analysis. Disappointed by the lack of clear resources on the impacts of inflation on economic indicators, Ian believes this website serves as a valuable public tool. Ian earned his degree in Computer Science from Dartmouth College.
I am Ian Webster, an engineer and data expert based in San Mateo, California, with a robust background in working for industry giants such as Google and NASA. My expertise lies in data pipelines and analysis, and I have consulted for governments worldwide on these subjects. In the realm of economic indicators, I have delved deep into the impacts of inflation, aiming to provide clear resources for understanding its effects on financial landscapes.
The article in question discusses the prediction of the value of $1 from 2020 to 2024, attributing it to my meticulous analysis based on solid evidence and data. The analysis takes into account the average inflation rate, cumulative price change, and a future inflation assumption of 3.00% per year. The calculated result suggests that $1 in 2020 is expected to be equivalent to $1.22 in 2024, representing a 22.20% cumulative price increase over the four-year period.
The provided information covers various concepts related to inflation and its effects on purchasing power:
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Inflation Rates and Cumulative Price Change:
- The average inflation rate between 2020 and 2024 is 5.14%, contributing to a cumulative price increase of 22.20%.
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Dollar Value and Inflation Rate by Year:
- The table displays the dollar value and inflation rate for each year from 2020 to 2024.
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Consumer Price Index (CPI) and Inflation in 2020:
- The Consumer Price Index (CPI) in 2020 is 258.812, with an inflation rate of 1.23%.
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Buying Power Equivalence:
- The chart illustrates the buying power equivalence for $1 in 2020, indicating that $1.22 in 2024 is needed to adjust for inflation.
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Inflation Impact on Real Value:
- The article emphasizes how the real value of a U.S. dollar decreases over time when $1 becomes equivalent to $1.22, leading to the erosion of purchasing power.
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Inflation in Specific Categories:
- The article briefly mentions inflation rates in specific categories such as medical care, housing, rent, and food.
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Data Sources and Citation:
- Raw data for calculations comes from the Bureau of Labor Statistics' Consumer Price Index (CPI), with historical data sourced from reputable studies and organizations.
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MLA Citation:
- The article provides an MLA citation for referencing the information.
In conclusion, my comprehensive analysis and background as a data expert underscore the credibility and reliability of the information presented, making it a valuable resource for understanding the predicted inflation trends and their impact on the value of the U.S. dollar from 2020 to 2024.
