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Overview of Inflation Between 2011 and 2024
Inflation refers to the rate at which the general level of prices for goods and services rises, eroding the purchasing power of money. Between 2011 and 2024 various factors contribute to inflation, including supply and demand dynamics, monetary policies, and global economic conditions.
The cumulative price change over 13 years was 37.97%.
Inflation Rate at 2011 and 2024:
- Inflation in 2011: 3.16%
- Inflation in 2024: 1.86%
The average inflation rate was 2.57%.
Value of 2011 USD in 2024
To grasp the true impact of inflation, it's essential to translate 2011 dollars into 2024 dollars. This calculation helps illustrate how much purchasing power has been lost or gained over time. For instance, if you had $1 in 2011, it would be equivalent to approximately $1.38 in 2024.
Impact of Inflation on Purchasing Power from 2011 to 2024
Purchasing power refers to the quantity of goods and services that can be bought with a unit of currency. Inflation has reduced purchasing power over 13 years, which means that for every dollar you can buy 1.38 times fewer goods and services. Between 2011 and 2024, the cumulative effect of inflation has altered what can be purchased with the same amount of money.
The Consumer Price Index (CPI), which measures the average change in prices over time, was 224.939 in 2011 and rose to 310.358 in 2024. The average CPI change during this period was 6.57% per year.
Consumer Price Index (CPI) Comparison
- CPI in 2011: 224.939
- CPI in 2024: 310.358
- CPI in 2024: 310.358
Conclusion: Inflation Summary from 2011 to 2024
In conclusion, understanding the changes in the value of USD from 2011 to 2024 is vital for financial planning and economic awareness. The period saw an inflation rate starting at 3.16% and ending at 1.86%, with a cumulative inflation of 37.97% over 13 years. The Consumer Price Index rose from 224.939 to 310.358, and the average CPI change was 6.57%.