U.S. Inflation: How Much Have Prices Increased?
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U.S. Inflation: How Much Have Prices Increased?
Inflation has been top of mind over the last year, looming over every aspect of the economy. But how has inflation actually impacted the prices of everyday goods like bread and butter or gas and public transportation?
In this visual, we showcase select items and how inflation has impacted the price year-over-year. Additionally, we’ve charted the overall price increases across the overarching goods categories, using data from the U.S. Bureau of Labor Statistics (BLS).
Note: These numbers are assessed using the Consumer Price Index (CPI) for all Urban Consumers (CPI-U), using the U. S. city average by detailed expenditure category.
How Much has the Cost of Goods Gone Up?
Inflation has caused the cost of many goods to increase significantly compared to last year. The most dramatically affected item is elementary school lunches, a cost in the U.S. that is already unaffordable for many families.
Here’s a look at every single reported good’s change in price from last year:
|Item||Unadjusted Change YoY (Nov 2021 - Nov 2022)|
|Food at elementary and secondary schools||+254.1%|
|Food at employee sites and schools||+110.1%|
|Other motor fuels||+43.3%|
|Fuel oil and other fuels||+41.7%|
|Butter and margarine||+34.2%|
|Flour and prepared flour mixes||+24.9%|
|Other dairy and related products||+22.4%|
|Fats and oils||+21.8%|
|Crackers, bread, and cracker products||+19.9%|
|Motor oil, coolant, and fluids||+19.6%|
|Frozen and refrigerated bakery products, pies, tarts, turnovers||+19.4%|
|Canned fruits and vegetables||+18.4%|
|Other uncooked poultry including turkey||+17.9%|
|Cakes, cupcakes, and cookies||+17.6%|
|Ice cream and related products||+17.5%|
|Rice, pasta, cornmeal||+16.8%|
|Cereals and cereal products||+16.6%|
|Other bakery products||+16.5%|
|Cereals and bakery products||+16.4%|
|Dairy and related products||+16.4%|
|Olives, pickles, relishes||+16.1%|
|Processed fruits and vegetables||+15.8%|
|Fresh milk other than whole||+15.6%|
|Bread other than white||+15.5%|
|Utility (piped) gas service||+15.5%|
|Other fats and oils including peanut butter||+15.2%|
|Motor vehicle repair||+15.0%|
|Frozen fruits and vegetables||+14.9%|
|Fresh biscuits, rolls, muffins||+14.8%|
|Other miscellaneous foods||+14.6%|
|Fresh cakes and cupcakes||+14.4%|
|Stationery, stationery supplies, gift wrap||+14.3%|
|Sugar and sugar substitutes||+14.1%|
|Household paper products||+14.1%|
|Apparel services other than laundry and dry cleaning||+14.1%|
|Frozen and freeze dried prepared foods||+14.0%|
|Other food at home||+13.9%|
|Fresh whole chicken||+13.7%|
|Beverage materials including coffee and tea||+13.7%|
|Sauces and gravies||+13.7%|
|Vehicle accessories other than tires||+13.7%|
|Motor vehicle insurance||+13.4%|
|Nonalcoholic beverages and beverage materials||+13.2%|
|Nonfrozen noncarbonated juices and drinks||+13.2%|
|Fresh whole milk||+13.1%|
|Sugar and sweets||+13.1%|
|Pets and pet products||+13.0%|
|Juices and nonalcoholic drinks||+12.9%|
|Candy and chewing gum||+12.9%|
|Tools, hardware and supplies||+12.8%|
|Cheese and related products||+12.4%|
|Oranges, including tangerines||+12.4%|
|Gasoline, unleaded premium||+12.4%|
|Motor vehicle body work||+12.4%|
|Other beverage materials including tea||+12.1%|
|Food at home||+12.0%|
|Miscellaneous household products||+11.9%|
|Vehicle parts and equipment other than tires||+11.8%|
|Household cleaning products||+11.7%|
|Motor vehicle maintenance and repair||+11.7%|
|Fresh and frozen chicken parts||+11.6%|
|Motor vehicle parts and equipment||+11.6%|
|Food from vending machines and mobile vendors||+11.5%|
|Spices, seasonings, condiments, sauces||+11.1%|
|Pet services including veterinary||+10.9%|
|Miscellaneous personal goods||+10.8%|
|Gasoline, unleaded midgrade||+10.7%|
|Other processed fruits and vegetables including dried||+10.4%|
|Living room, kitchen, and dining room furniture||+10.3%|
|Gasoline (all types)||+10.1%|
|Tools, hardware, outdoor equipment and supplies||+10%|
|Gasoline, unleaded regular||+9.8%|
|Fruits and vegetables||+9.7%|
|Fresh sweetrolls, coffeecakes, doughnuts||+9.5%|
|Hair, dental, shaving, and miscellaneous personal care products||+9.3%|
|Motor vehicle maintenance and servicing||+9.3%|
|Tax return preparation and other accounting fees||+9.1%|
|Full service meals and snacks||+9.0%|
|Purchase of pets, pet supplies, accessories||+8.9%|
|Video discs and other media||+8.9%|
|Frozen fish and seafood||+8.8%|
|Women's underwear, nightwear, swimwear, and accessories||+8.6%|
|Food away from home||+8.5%|
|Dishes and flatware||+8.5%|
|Outdoor equipment and supplies||+8.4%|
|Household furnishings and supplies||+8.3%|
|Fresh fruits and vegetables||+8.0%|
|Wine away from home||+7.9%|
|Rent of primary residence||+7.9%|
|Laundry and dry cleaning services||+7.9%|
|Dried beans, peas, and lentils||+7.8%|
|Breakfast sausage and related products||+7.7%|
|Processed fish and seafood||+7.7%|
|Beer, ale, and other malt beverages at home||+7.7%|
|Ham, excluding canned||+7.6%|
|Other fresh vegetables||+7.4%|
|Personal care products||+7.4%|
|Admission to movies, theaters, and concerts||+7.4%|
|Frozen noncarbonated juices and drinks||+7.3%|
|Medical equipment and supplies||+7.3%|
|Rental of video discs and other media||+7.3%|
|Rent of shelter||+7.2%|
|Music instruments and accessories||+7.1%|
|Alcoholic beverages away from home||+7.1%|
|Owners' equivalent rent of residences||+7.1%|
|Owners' equivalent rent of primary residence||+7.1%|
|Distilled spirits away from home||+7.0%|
|Salt and other seasonings and spices||+6.9%|
|Meats, poultry, fish, and eggs||+6.8%|
|Furniture and bedding||+6.8%|
|Services less energy services||+6.8%|
|Personal care services||+6.8%|
|Haircuts and other personal care services||+6.8%|
|Limited service meals and snacks||+6.7%|
|Shelf stable fish and seafood||+6.6%|
|Beer, ale, and other malt beverages away from home||+6.6%|
|Garbage and trash collection||+6.6%|
|Fish and seafood||+6.5%|
|Indoor plants and flowers||+6.5%|
|Other personal services||+6.5%|
|Video discs and other media, including rental of video||+6.4%|
|Men's suits, sport coats, and outerwear||+6.3%|
|Tobacco and smoking products||+6.3%|
|Miscellaneous personal services||+6.3%|
|All items less food and energy||+6.0%|
|Women's suits and separates||+5.9%|
|Clocks, lamps, and decorator items||+5.8%|
|Window and floor coverings and other linens||+5.6%|
|Women's and girls' apparel||+5.6%|
|Other fresh fruits||+5.5%|
|Other food away from home||+5.5%|
|Other household equipment and furnishings||+5.5%|
|Newspapers and magazines||+5.5%|
|Tobacco products other than cigarettes||+5.5%|
|Fresh fish and seafood||+5.4%|
|Cosmetics, perfume, bath, nail preparations and implements||+5.4%|
|Educational books and supplies||+5.3%|
|Day care and preschool||+5.3%|
|Jewelry and watches||+5.2%|
|Toys, games, hobbies and playground equipment||+5.1%|
|Club membership for shopping clubs, organizations, or participant sports fees||+5.1%|
|Water and sewer and trash collection services||+5.0%|
|Fees for lessons or instructions||+5.0%|
|Alcoholic beverages at home||+4.5%|
|Nursing homes and adult day services||+4.5%|
|Water and sewerage maintenance||+4.4%|
|Medical care services||+4.4%|
|Photographers and photo processing||+4.4%|
|Other recreation services||+4.4%|
|Residential telephone services||+4.4%|
|Meats, poultry, and fish||+4.3%|
|Video and audio services||+4.2%|
|Postage and delivery services||+4.2%|
|Cable and satellite television service||+4.0%|
|Infants' and toddlers' apparel||+3.9%|
|Propane, kerosene, and firewood||+3.8%|
|Care of invalids and elderly at home||+3.8%|
|Commodities less food and energy commodities||+3.7%|
|Services by other medical professionals||+3.7%|
|Moving, storage, freight expense||+3.5%|
|Elementary and high school tuition and fees||+3.5%|
|Photographic equipment and supplies||+3.3%|
|Other lodging away from home including hotels and motels||+3.3%|
|Recreational reading materials||+3.2%|
|Lodging away from home||+3.2%|
|Hospital and related services||+3.2%|
|Medical care commodities||+3.1%|
|Tuition, other school fees, and childcare||+3.1%|
|Wine at home||+3.0%|
|Outpatient hospital services||+3.0%|
|Housing at school, excluding board||+2.8%|
|Inpatient hospital services||+2.8%|
|Men's shirts and sweaters||+2.5%|
|Transportation commodities less motor fuel||+2.4%|
|Checking account and other bank services||+2.4%|
|Boys' and girls' footwear||+2.3%|
|State motor vehicle registration and license fees||+2.3%|
|Bacon, breakfast sausage, and related products||+2.2%|
|Education and communication services||+2.2%|
|College tuition and fees||+2.0%|
|Recorded music and music subscriptions||+1.8%|
|Eyeglasses and eye care||+1.8%|
|Motor vehicle fees||+1.8%|
|Distilled spirits at home||+1.7%|
|Whiskey at home||+1.7%|
|Distilled spirits, excluding whiskey, at home||+1.7%|
|Other intercity transportation||+1.6%|
|Men's pants and shorts||+1.5%|
|Other recreational goods||+1.4%|
|Internet services and electronic information providers||+1.4%|
|Men's and boys' apparel||+1.3%|
|Sports vehicles including bicycles||+1.1%|
|Parking fees and tolls||+1.1%|
|Technical and business school tuition and fees||+1.1%|
|Wireless telephone services(1)(2)||+1.0%|
|Sewing machines, fabric and supplies||+0.9%|
|Parking and other fees||+0.9%|
|Nonelectric cookware and tableware||+0.8%|
|Men's underwear, nightwear, swimwear, and accessories||+0.8%|
|Tenants' and household insurance||+0.6%|
|Intracity mass transit||+0.4%|
|Uncooked ground beef||-1.0%|
|Bacon and related products||-1.1%|
|Computer software and accessories||-1.7%|
|Used cars and trucks||-3.3%|
|Computers, peripherals, and smart home assistants||-4.4%|
|Other pork including roasts, steaks, and ribs||-5.1%|
|Beef and veal||-5.2%|
|Car and truck rental||-6.0%|
|Uncooked other beef and veal||-7.2%|
|Admission to sporting events||-7.2%|
|Uncooked beef steaks||-7.4%|
|Uncooked beef roasts||-8.1%|
|Video and audio products||-8.2%|
|Other video equipment||-9.5%|
|Education and communication commodities||-9.7%|
|Information technology commodities||-11.5%|
|Telephone hardware, calculators, and other consumer info items||-17.9%|
|Gardening and lawncare services||-|
|Repair of household items||-|
|Leased cars and trucks||-|
School lunches became more expensive this year as a federal waiver program came to an end . The program had provided every school child in the country with free lunches.
After school lunches, fuel oil and eggs rank high in terms of big jumps in their prices, increasing by 66% and 49% respectively. Some other notable increases: airfares have gone up by 36%, l iving room, kitchen, and dining room furniture by 10.3%, and alcoholic beverages at home by 4.5%.
However, a number of goods have actually gone down in the index, including:
- Smartphones: -23%
- Televisions: -17%
- Uncooked beef roasts: -8%
- Admission to sporting events: -7%
- Car and truck rentals: -6%
Interestingly, smartphones are not actually getting cheaper, rather the BLS adjusts for products that improve rapidly in quality year-over-year. Usually, most items are identical on a year-to-year basis, but smartphones are improving in their quality, which is why their price appears to be deflating rather than inflating.
Overall, the items in the basket of goods under the Consumer Price Index have increased by a collective 7.1% since last year, making purchasing necessary food and energy items more difficult.
Here’s another look at how each overarching category increased, between November 2021 and November 2022:
- Food: +10.6%
- Energy: +13.1%
- All other items excluding food and energy: +6.0%
Purchasing your everyday ingredients to cook with, energy to heat your home, and all other items that are standard in our everyday lives has become increasingly expensive. In an effort to counter inflation pressures, the U.S. Federal Reserve has been raising interest rates to make borrowing more difficult in order to push down demand.
Heading into 2023, many feel that a recession is on the way, and a lot of households will have to continue borrowing at higher rates to keep up with basic goods purchases. On the upside, some experts anticipate that although there will be economic downturn, it will be brief and won’t deeply impact the economy like past ones.
See what hundreds of experts are predicting for 2023 with our Global Forecast Series .
Ranked: Who Are the Richest People in Africa?
This infographic ranks the wealthiest 15 billionaires on the African continent.
Ranked: Who Are the Richest People in Africa?
The African continent is home to 46 billionaires, the second-lowest total of any global region.
The number of wealthy individuals in Africa is growing, however. Total private wealth is expected to rise 30% over the next decade, led by growth in the billionaire and millionaire segments.
Visualized here are Africa’s richest, using data collected by Forbes , on billionaires who reside on the continent and have their primary business there.
Breaking Down Africa’s Billionaires
The richest man in Africa is also the richest Black man in the world. Once a small sugar trader, Aliko Dangote now has a net worth of $13.5 billion. He is the 86th richest person in the world, and single-handedly makes up 25% of the total wealth of African billionaires.
His company, the Dangote Group is now an African conglomerate with interests in a range of sectors, including sugar, cement, and real estate.
|Rank||Name||Net Worth (billions, USD)||Industry||Citizenship|
|1||Aliko Dangote||$13.5||Manufacturing||🇳🇬 Nigeria|
|2||Johann Rupert & family||$10.7||Fashion & Retail||🇿🇦 South Africa|
|3||Nicky Oppenheimer & family||$8.4||Metals & mining||🇿🇦 South Africa|
|4||Abdulsamad Rabiu||$7.6||Diversified||🇳🇬 Nigeria|
|5||Nassef Sawiris||$7.3||Construction & Engineering||🇪🇬 Egypt|
|6||Mike Adenuga||$6.3||Diversified||🇳🇬 Nigeria|
|7||Issad Rebrab & family||$4.6||Food & Beverage||🇩🇿 Algeria|
|8||Naguib Sawiris||$3.3||Telecom||🇪🇬 Egypt|
|9||Patrice Motsepe||$3.2||Metals & mining||🇿🇦 South Africa|
|10||Mohamed Mansour||$2.9||Diversified||🇪🇬 Egypt|
|11||Koos Bekker||$2.6||Media & Entertainment||🇿🇦 South Africa|
|12||Strive Masiyiwa||$1.9||Telecom||🇿🇼 Zimbabwe|
|13||Mohammed Dewji||$1.5||Diversified||🇹🇿 Tanzania|
|13||Aziz Akhannouch & family||$1.5||Diversified||🇲🇦 Morocco|
|13||Youssef Mansour||$1.5||Diversified||🇪🇬 Egypt|
The top three—Alike Dangote, Johann Rupert, and Nicky Oppenheimer—account for 40% of the total wealth of those ranked.
A Look Through the Rest of the Richest People in Africa
At number two on the list is Johann Rupert . The chairman of Swiss luxury goods company, Compagnie Financiere Richemont, started his career with a banking apprenticeship in New York, before returning to South Africa and eventually pivoting to retail.
Through the rest of those ranked, a range of diverse business activities have allowed these billionaires to garner their wealth.
Nicky Oppenheimer (3rd) and Patrice Motsepe (9th)—have made fortunes in the mining industry, a sector which contributes nearly 10% to sub-Saharan Africa’s GDP. Meanwhile, Naguib Sawiris (8th) and Strive Masiyiwa (12th) have built telecom empires.
Billionaire Wealth Mirrors Country Wealth
Only seven out of the 54 African countries are represented on Africa’s rich list, and even amongst them, three countries (Egypt, South Africa, and Nigeria) account for more than two-thirds of the top-ranked billionaires.
|Country||Rank in African Economy||Individuals on Top 15 Billionaire List|
|🇿🇦 South Africa||#2||4|
The home countries for these billionaires reflects the nations’ contribution to the African economy as a whole. Nigeria, South Africa, and Egypt have the top three GDPs in Africa.
Algeria—where Issad Rebrab (7th) is from—is ranked fourth, and Morocco—where Aziz Akhannouch (13th) is based—is fifth.
What’s Next For Africa’s Richest?
Africa has routinely been touted to become a future economic powerhouse as its demographic dividend pays off in the next few decades. However, its biggest challenge will be developing its economic and social infrastructure to retain local talent to make their fortunes at home.
Where does this data come from?
Data note: Forbes calculated net worths using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023. For privately held businesses, they used estimates of revenues or profits and applied prevailing price-to-sale or price-to-earnings ratios for similar public companies. Some list members grew richer or poorer within weeks or days of their measurement date.
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