Price evolution of rhodium in the United States

1. Relevance of the price of rhodium
2. Price evolution of rhodium
   1. Absolute price of rhodium per year
   2. Inflation adjusted price of rhodium per year
3. Conclusion
4. FAQs about rhodium's price in the the United States
5. Price evolution table and full chart

Price evolution of rhodium

The average price of a troy ounce of rhodium between 2012 and 2023 was $5,205, with the lowest price being $279 in 2012 and the highest $20,204 in 2021 (at least within the timeframe we have data for).

Absolute price of rhodium per year

Our data source for this article was: Trading economics .

The absolute price of rhodium in the the United States has gone from $279 in 2012 to $3,225 in 2023. That's an absolute increase of $2,946, or 1055.21% in a period of 11 years. (go to the next section for inflation-adjusted values).

This increment has not been linear though. During this period of 11 years the price of rhodium actually decreased year over year 4 times, in 2015, 2017, 2022, 2023.

The biggest absolute price decrease in the price of a troy ounce of rhodium was in 2023, when the price dropped by $-12,204, or -79.1%. The biggest price increase was $8,570, or 73.66% in 2021.

So yes, it's had its ups and downs, but overall, price increases outweight the deceases, making rhodium pricier than it used to be.

Inflation-adjusted price of rhodium per year

As accurate as the information above might be, it can also be somehow deceiving. This is because the value of money changes over time, usually decreasing. That means that $1 of today's money cannot buy as much as $1 in the past. This phenomenon is called inflation, and can make it complicated to compare historical pricing data. Luckily, we can adjust for it and calculate what a dollar value of the past would be equal to in today's money.

So let's not take a look at the evolution of the price of rhodium in the the United States, in that same 11 years period between 2012 and 2023, but adjusting prices to inflation (aka. in today's money).

When we adjust for inflation, we see that the price of rhodium also peaked in 2021, when it cost $24,048 (in today's money), and was at its lowest in 2012 when it sold for $382.

The biggest drop in adjusted price happened in 2023, when the inflation-adjusted price dropped by $-14,145 (-80.65%). Even when adjusting for inflation, the biggest price increase of rhodium was still in 2021. However, the $8,570 jump actually felt like $10,030 to the consumer due, to the effect of inflation.

The average price of rhodium during this period of time, adjusting for inflation, has been $6,186, and the most current price of $3,225 is 47.87% below that average. Enjoy it while it lasts!

Conclusion

The absolute price of rhodium has increased by $2,155 ($201%) in the last decade, and $2,946 (1055.21%) since 2012. But that comes as no surprise, as prices always tend to increase over time due to inflation.

Now, as we've explained earlier, the absolute price of a product does not necessarily represent its affordability fairly. For that we have to look at its inflation adjusted price, or in other words, the price evolution in today's money.

When we look at the inflation-adjusted price of rhodium, we see that it has varied ± 191.28% over this period of time, and is currently 47.87% cheaper than the average over these years.

Even when adjusting prices for inflation, rhodium prices are still higher in 2023 than they were in 2012. And not just a bit more expensive, we are talking about a significant increase no matter how you look at it!

So if there had to be one single take away from this article it would be this: The average person has to make a bigger economic effort to purchase rhodium today than in the past.

FAQs about the price of rhodium in the the United States