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Services inflation

United States services inflation from 1956 to 2022

Quick summary

  1. Cost of services in the US rosed 7.22% year-over-year in November 2022.
  2. Services inflation increased by an average of 4.02% a month in the last 12 months.
  3. From October to November, the cost of services increased by 0.35%.

What is services inflation?

Services inflation is the increase in the price of services paid by consumers.

Services inflation in the past 12 months

In the past 12 months services inflation peaked at 7.22% in September 2022.

Date Services inflation Change from prior month
November 2022 7.22% 0.35%
October 2022 7.24% 0.41%
September 2022 7.38% 0.81%
August 2022 6.82% 0.67%
July 2022 6.28% 0.34%
June 2022 6.23% 0.86%
May 2022 5.74% 0.75%
April 2022 5.37% 0.76%
March 2022 5.10% 0.66%
February 2022 4.79% 0.48%
January 2022 4.57% 0.58%
December 2021 4.02% 0.34%

What does this mean?

Cost of services on average has gone up 7.22% from November 2021 to 2022. This means for example, services such as transportation which costed $10 in November 2021 would cost around $10.72 today, an increase of $0.72 year-over-year.

Are you keeping up with cost of services?

If you were making $25/hour in November 2021, you would need to be making $26.81/hour today to keep up with cost of services.

What services inflation looks like

The effect of services inflation on the cost of services such as transportation, assuming a base price of $10.00 in November 2021.
Date Cost of services such as transportation Change from prior month
December 2021 $10.03 + $0.03
January 2022 $10.09 + $0.06
February 2022 $10.14 + $0.05
March 2022 $10.21 + $0.07
April 2022 $10.29 + $0.08
May 2022 $10.36 + $0.08
June 2022 $10.45 + $0.09
July 2022 $10.49 + $0.04
August 2022 $10.56 + $0.07
September 2022 $10.64 + $0.09
October 2022 $10.69 + $0.04
November 2022 $10.72 + $0.04

Impact of inflation on the cost of goods and services

The change in cost of $100 worth of goods and services over the last 12 months.

Historic services inflation

US services inflation from 1956 to November 2022.

Source(s)

  1. https://www.bls.gov/
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Written by

Jing Jun Ma

Jing Jun Ma is a tech and data expert with more than a decade of experience in digital marketing and programming. He wrangles data to make it useful for consumers facing a decision. See full profile

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