The Impact of Inflation on value of $1 from 2020 to 2024
In 1913 the price of $1 is approximately equal to $1.20 in 2024. Prices changed by 3.98% (or $0.05) per year on average during that period. It means that every purchase will cost you 1.20 times as much.
Inflation is a powerful force that can erode the purchasing power of money over time. For anyone curious about the value of $1 in 2020 and what it would be worth in 2024, this page provides a detailed analysis using the cumulative price change, average inflation rate, and other key financial indicators.
How Much is $1 in 2020 Worth Today?
- Converted Amount: The $1 from 2020, adjusted for inflation, would be equivalent to $1.20 in 2024.
- Cumulative Price Change: Over this period, the cumulative price change has been 19.92%.
- Average Inflation Rate: The average annual inflation rate between 2020 and 2024 has been 3.98%.
| Cumulative price change | 19.92% |
| Average inflation rate | 3.98% |
| Converted amount | 1.20 |
| Price difference | 0.20 |
| CPI in 2020 | 258.811 |
| CPI in 2024 | 310.358 |
| Inflation in 2020 | 1.23% |
| Inflation in 2024 | 1.86% |
| 1 in 2020 | 1.20 in 2024 |
Key Financial Indicators:
Consumer Price Index (CPI) Comparison
- CPI in 2020: 258.811
- CPI in 2024: 310.358
Inflation Rate at 2020 and 2024
- Inflation in 2020: 1.23%
- Inflation in 2024: 1.86%
Price Difference
- The price difference between 2020 and 2024 is $0.20.
2020 to 2024 Inflation Calculator
To understand the transformation of $1 from 2020 into 2024 US dollars, consider the following table:
| Year | CPI | Inflation rate | Value in 2024 |
|---|---|---|---|
| 2020 | 258.811 | 1.23% | $1 |
| 2024 | 310.358 | 1.86% | $1.20 |
This table highlights the key figures that affect how the value of money changes over time due to inflation.
Buying Power of $1 in 2020
$1 in the year 2020 is now worth $1.20 in 2024, showing a substantial increase of $0.20 over the years. This change underscores how the average inflation rate of 3.98% annually has eroded the purchasing power of the US dollar.