Inflation 2024: 50 Items That Have Gone Up in Price the Most
Lately, many Americans may feel as though every aspect of the cost of living has increased substantially. While this may be true for certain items, like real estate, the truth is most items have experienced a fairly gradual price uptick over the last 44 years.
Which items went up in cost the most over the last four decades? To find out, GOBankingRates analyzed the average prices of various items to find the amount increased over 1980 to 2024 for each item. These items include grocery staples like eggs, bananas and bacon, along with prices for electricity, gasoline and utility gas. Additional items referenced include average and median sale prices for homes, the average amount of tuition and required fees for full-time undergrad students and the average price of a new car.
Ranked in order from smallest to biggest price change, here are the 50 items that have gone up in price the most since 1980.
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Rice
Change in price (1980 to 2024): $0.07
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Electricity (Per KWH)
Change in price (1980 to 2024): $0.12
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Chops (Boneless)
Change in price (1980 to 2024): $0.27
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Flour
Change in price (1980 to 2024): $0.35
Potatoes (Frozen)
Change in price (1980 to 2024): $0.46
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Margarine
Change in price (1980 to 2024): $0.61
Turkey (Frozen)
Change in price (1980 to 2024): $0.63
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Bologna
Change in price (1980 to 2024): $0.65
Spaghetti and Macaroni
Change in price (1980 to 2024): $0.70
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Sugar
Change in price (1980 to 2024): $0.70
Potatoes
Change in price (1980 to 2024): $0.73
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Broccoli
Change in price (1980 to 2024): $0.92
Beans
Change in price (1980 to 2024): $0.93
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Tuna
Change in price (1980 to 2024): $0.93
Malt Beverage
Change in price (1980 to 2024): $0.94
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Chicken Legs
Change in price (1980 to 2024): $1.06
Utility (Piped) Gas
Change in price (1980 to 2024): $1.07
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Iceberg Lettuce
Change in price (1980 to 2024): $1.09
Oranges
Change in price (1980 to 2024): $1.21
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Romaine Lettuce
Change in price (1980 to 2024): $1.25
Chicken
Change in price (1980 to 2024): $1.29
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Chicken Breast
Change in price (1980 to 2024): $1.29
Lemons
Change in price (1980 to 2024): $1.31
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Wheat Bread
Change in price (1980 to 2024): $1.32
Tomatoes
Change in price (1980 to 2024): $1.44
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White Bread
Change in price (1980 to 2024): $1.53
Eggs
Change in price (1980 to 2024): $1.64
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Grapefruit
Change in price (1980 to 2024): $1.66
Bananas
Change in price (1980 to 2024): $1.67
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Peppers
Change in price (1980 to 2024): $1.68
All Pork
Change in price (1980 to 2024): $1.84
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Gasoline (All Types Per Gallon)
Change in price (1980 to 2024): $2.24
All Ham
Change in price (1980 to 2024): $2.33
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American Cheese
Change in price (1980 to 2024): $2.42
Chops (Center)
Change in price (1980 to 2024): $2.57
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Cheddar Cheese
Change in price (1980 to 2024): $2.68
Orange Juice (Frozen Concentrate)
Change in price (1980 to 2024): $2.87
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Coffee
Change in price (1980 to 2024): $2.92
Ground Chuck
Change in price (1980 to 2024): $3.27
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Frankfurters
Change in price (1980 to 2024): $3.31
Cookies
Change in price (1980 to 2024): $3.53
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Ground Beef
Change in price (1980 to 2024): $3.80
Ice Cream
Change in price (1980 to 2024): $4.15
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Potato Chips
Change in price (1980 to 2024): $4.41
Beef for Stew
Change in price (1980 to 2024): $4.42
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Steak (Round)
Change in price (1980 to 2024): $5.38
Wine
Change in price (1980 to 2024): $8.38
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College (Average Tuition and Fees)
Change in price (1980 to 2024): $3,917
Car (Average New Car Price)
Change in price (1980 to 2024): $20,144
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Median Home Value
Change in price (1980 to 2024): $364,000
Average Home Value
Change in price (1980 to 2024): $437,600
Methodology: For this study, GOBankingRates analyzed the average prices of various items to find the amount increased over the years for each item. First, GOBankingRates used the Bureau of Labor Statistics Consumer Price Index to find the average price of eggs, chicken, bananas, oranges, grapefruit, lemons, bacon, wine, gasoline, electricity and utility gas for the years of 1980 to 2024. Using the U.S. Census’ Residential Construction Survey data, the average and median sale price for homes in the United States was found. The average amount of tuition and required fees for full-time undergraduate students at public postsecondary institutions was sourced from the National Center for Education Statistics for the years 2002 to 2023. The average price of a new car was found from Kelly Blue Book. The years were sorted by oldest to newest, and the overall change from the oldest year with data available to the newest year with data available was calculated to show the increase in various items’ average price. Some items did not have average annual costs and were left blank during those years. All data was collected on and is up to date as of June 4, 2024.
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This article originally appeared on GOBankingRates.com: Inflation 2024: 50 Items That Have Gone Up in Price the Most