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What are the increases in the prices of goods and services and wages over the last 18 to 20 years?

I have always found the prices of good and services and an individual and/or a families ability to afford to buy them very interesting. We all have our own stories about the reality of how much things cost in todays world versus our personal earnings. For me this emphasizes the importance of making smart decisions around money.

Here is a great graph showing the changes in the prices of good and services, and wages in US from 1997 to 2017 by the American Bankruptcy Institute.

 

 

This chart motivated me to dig a little deeper into the change in cost of goods and services that may relate to some of the purchases we make as a family.

General list of price inflation rates from the US bureau of Statistics

Prices for Admission To Movies, Theaters, And Concerts, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for admission to movies, theaters, and concerts were 59.29% higher in 2018 versus 2000 (a $11.86 difference in value).

Prices for Sporting Events, 2000-2018 ($100)

According to the U.S. Bureau of Labor Statistics, prices for admission to sporting events were 87.92% higher in 2018 versus 2000 (a $87.92 difference in value).

Prices for College Tuition, 2000-2018 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices for college tuition and fees were 150.20% higher in 2018 versus 2000 (a $30,040.58 difference in value).

Prices for Alcohol, 2000-2018 ($10)

According to the U.S. Bureau of Labor Statistics, prices for alcoholic beverages were 42.15% higher in 2018 versus 2000 (a $4.21 difference in value).

Prices for Apparel, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for apparel were 2.17% lower in 2018 versus 2000 (a $0.43 difference in value).

Prices for Boys' And Girls' Footwear, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for boys' and girls' footwear were22.73% higher in 2018 versus 2000 (a $4.55 difference in value).

Prices for Food, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for food were 50.62% higher in 2018 versus 2000 (a $10.12 difference in value).

Prices for Cable And Satellite Television Service, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for cable and satellite television service were 75.23% higher in 2018 versus 2000 (a $15.05 difference in value).

Prices for Housing, 2000-2018 ($100,000)

According to the U.S. Bureau of Labor Statistics, prices for housing were 51.43% higher in 2018 versus 2000 (a $51,428.47 difference in value).

Prices for Medical Care, 2000-2018 ($1,000)

According to the U.S. Bureau of Labor Statistics, prices for medical care were 85.53% higher in 2018 versus 2000 (a $855.33 difference in value).

Prices for Education, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for education were 127.55% higher in 2018 versus 2000 (a $25.51 difference in value).

Prices for Energy, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for energy were 75.85% higher in 2018 versus 2000 (a $15.17 difference in value).

Prices for Funeral Expenses, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for funeral expenses were75.52% higher in 2018 versus 2000 (a $15.10 difference in value).

Prices for Gas, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for gasoline (all types) were 85.33% higher in 2018 versus 2000 (a $17.07 difference in value).

Prices for Hospital Services, 2000-2018 ($500)

According to the U.S. Bureau of Labor Statistics, prices for hospital services were 184.62% higher in 2018 versus 2000 (a $923.11 difference in value).

Prices for Cars, 2000-2018 ($15,000)

According to the U.S. Bureau of Labor Statistics, prices for new cars were 1.76% higher in 2018 versus 2000 (a $263.89 difference in value).

Prices for Tuition, Other School Fees, And Childcare, 2000-2018 ($20)

According to the U.S. Bureau of Labor Statistics, prices for tuition, other school fees, and childcare were 126.96% higher in 2018 versus 2000 (a $25.39 difference in value).

There are no real surprises in the cost increase for food, education, childcare, energy and healthcare. I was surprised by how little the cost of apparel and shoes have increased specifically kid’s shoes but that is probably because mine go through them so fast.

http://www.in2013dollars.com/inflation-cpi-categories

 

Chip Hill is the founder of Chill Financial Group in Lexington, KY. Where he focuses on helping healthcare, academic and service based professionals save time, accumulate money and live the life they choose.

 

Chip Hill, AAMS®

Financial Advisor

Voya Financial Advisors, Inc.

155 W Bell Ct

Lexington, Ky 40508

Cell: 859.948.8717

[email protected]

chillfinancialplanning.com

 

Investment adviser representative and registered representative of, and securities and investment advisory services offered through Voya Financial Advisors, Inc. (member SIPC).

 

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