What happened to prices between 2022 and 2024
Between 2022 and 2024, the Consumer Price Index went from 292.655 to 313.689. Cumulatively, prices increased 7.2%, which works out to an average of 3.53% per year. Put differently, a dollar in 2022 bought what $0.93 buys in 2024.
2022 was the year inflation returned. Consumer prices rose 8.0% on average, the worst since 1981, driven by pandemic-era supply chains, stimulus-fueled demand, and an energy shock from the war in Ukraine. Gas briefly topped $5 a gallon nationally for the first time ever, and “inflation” became the top-ranked economic concern in nearly every poll of American households.